Question

An X-ray machine for animals costs $125,000. If the loan is for 10 years, and the interest paid is $65,625, what is the interest rate on the loan?

Answer 1

Answer:

52.5%

Step-by-step explanation:

the cost is $125,000

if loaned for 10 years the interest paid on the official amount is$65,625

to find interest rate you:

this is the formula

interest/cost price multiplied by 100%

P.S it's 100% because the unit for interest rate is %

Therefore:

$65,625/$125,000 x 100%

the zero's on 100 cancel the ones on the $125,000.

it becomes $1250

now it's $65,652/$1250

which equals to

52.5%

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