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denpristay [2]
3 years ago
8

A house sold for $39,379. The buyer paid 20% down. Monthly interest on the loan was $229.69. What was the annual interest rate o

n the loan?
Business
1 answer:
djverab [1.8K]3 years ago
4 0

Answer:

8.75%

Explanation:

The annual interest rate will be computed as follows:

Loan amount = Proportion of loan X Price of house

Loan amount = 80% X $39,379 = $31,503.2

Annual interest = $229.69 X 12 = $2,756.28

Annual interest rate                     = ($2,756.28/ $31,503.2) X 100%

                                                      = 8.75%

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