Question

Mr. Jamison wants to borrow $375,000 to

Answer 1

Answer: The interest rate can he afford to pay on his  | loan =7.5%

Step-by-step explanation:

Given: Principal amount = 375,000

Interest amount per year =  $28,125

Interest percentage = $\dfrac{\text{Interest}}{\text{Principal}}\times100\%$

$=\dfrac{28125}{375000}\times100\%\\\\=7.5\%$

Hence, The interest rate can he afford to pay on his  | loan =7.5%