IDNStudy.com, ang iyong pangunahing mapagkukunan para sa mga sagot ng eksperto. Makakuha ng impormasyon mula sa aming mga eksperto, na nagbibigay ng detalyadong sagot sa lahat ng iyong mga tanong.

Mr. Sioco paid $249,750 corresponding to the principal and interest of his one year loan. What was the interest rate applied to this if the originsl amount he borrowed was $225,000?

Sagot :

Just follow this formula:
 I=PRT   (I-interest, P-principal, R-rate, T=time)
I=Total amount-principal

Answer:
I=$249,750 - $225,000
I=$24,750
I=PRT

$24, 750= $225, 000 x r x 1
$24, 750= $225, 000 x r
$24, 750 / $225, 000 =r
0.11 = r
(Change to percent)
11% = r
Check:
$24, 750= $225, 000 x 11% x 1
$24, 750= $225, 000 x.11
$24, 750=$24, 750, CORRECT!!!
Therefore, the interest rate is 11 % per annum. (or 11% per 1 year)