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erma4kov [3.2K]
2 years ago
6

Joanna bought a car and after 5 years of payments, she paid $6,250. The initial loan for the car was $5,000. What was the intere

st rate on Joanna's loan for the 5 years?
HELP ME PLS
Mathematics
1 answer:
frutty [35]2 years ago
3 0

Answer:

5%

Step-by-step explanation:

6,250-5000

1,250

divide that by 5

you get 250

250/5000= 0.05

multiply that by 100 to get the percentage (interest rate)

so the answer is a 5% interest rate

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Step-by-step explanation:

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