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Vhat is the annual interest rate on a loan of
25,500 if the interest payments are $956.25
emiannually on the full loan amount?

Sagot :

varshamittal029

The annual interest rate on a loan of $ 25,500 if the interest payments are $ 956.25 will be equal to 3.75 %.

We are given that the principal loan amount is equal to $ 25,500

That is

Principal = p = $ 25,500.

The interest payments is $ 956.25

That is the amount of interest = SI = $ 956.25.

Let the rate of interest on the loan amount be r.

Time period = t = 1

Simple Interest = p r t / 100

956.25 = 25,500 × r × 1 / 100

956.25 = 255 r

r = 956.25 / 255

r = 3.75 %

Therefore, the annual interest rate on a loan of $ 25,500 if the interest payments are $ 956.25 will be equal to 3.75 %.

Learn more about simple interest here:

https://brainly.com/question/20690803

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