ggxrawrr1502 ggxrawrr1502
  • 01-09-2020
  • Business
contestada

The loan amount (principal) is $50,000 and the annual interest paid is $5,500. What is the annual interest rate

Respuesta :

Priatouri Priatouri
  • 04-09-2020

Answer:

The interest rate is 11%

Explanation:

The loan amount = $50000

Interest amount = $5500

Since the annual interest amount and the principal amount is given so we have to find the interest rate by using the given information. Below is the formula to find the interest rate.

Let the interest rate = x

Principal × interest rate = Interest amount

$50000 × r = $5500

r  = $5500 / $50000

r = 0.11 or 11%

The interest rate is 11%

Answer Link

Otras preguntas

3 divided by 2/3 equals to
What sound device is used in the following excerpt from "How the Animals Lost their Tails and Got Them Back Traveling from Philadelphia to Medicine Hat" by Carl
Basil steps on a nail at a construction site. he is at risk of contracting: tetanus whooping cough typhus tuberculosis
which country surrendered in tokyo. bay aboard the uss missouri
how to simplify 3/9 as a fraction
Voltage = 18v. Current = 36 amps resistance =?
what is the order of intergers
various hazards in the event of earthquake
Which type of fitness involves an exercise program that focuses on decreasing stress and improving daily tasks? a. cardiovascular b. flexibility c. motor d.
Lifestyle of the people in the northeast, the west, and the south in the years 1800 to 1840