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PilotLPTM [1.2K]
3 years ago
13

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

Business
1 answer:
Mumz [18]3 years ago
5 0

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%

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