Raine7429viz
Answered

Mr.Cruz got 500,000 loan for 2 years. He paid 19,000 in interest. What was the interest rate.​

Sagot :

Edges7gsmviz

50,000 ÷ 19,000 = 2.6315789474

2.6315789474 is the interest rate

Edges7gsm your helper

Mrltorre1979viz
Answer

Mr.Cruz got 500,000 loan for 2 years. He paid 19,000 in interest. What was the interest rate.

Formula: R = I / P x T

Where:

R = Interest Rate
I = Interest
P = Principal
T = Time

Given:
P = 50,000
T = 2 years
I = 19,000

Solution

R = 19,000 / 50,000 x 2
R = 19,000 / 100,000
R = 0.19 x 100%
R = 19%

Answer: The interest rate is 19%

Hope it helps