John borrowed $20,000 from Beth. He pays $500 per month in interest. What is the percentage interest rate?
1 answer:
Answer: 2.5%
Step-by-step explanation:
From the question, we are informed that John borrowed $20,000 from Beth and that he pays $500 per month in interest.
The percentage interest rate would be calculated thus:
= Amount paid as interest / Amount borrowed × 100
= 500/20000 × 100
= 2.5%
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source tiger-algebra.com
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