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Popular Word Problems >

Maria borrowed 15,000. She repaid the loan in full at the end of 3 years with a lump sum of 18,500. What annual flat interest rate was she charged?

Solution

M a r ia b orro w e d 15, 000. S h e re p ai d t h e l o an in f u ll a t t h e e n d o f 3 ye a rs w i t h a l u m p s u m o f 18, 500. Wha t ann u a l f l a t in t eres t r a t e w a s s h e c ha r g e d ?

Solution

Rate : 7.77777 \dots %

Solution steps

Translate the problem into an equation:

18500 = 15000 (1 + r \cdot 3)

Solve for

r, 18500 = 15000 (1 + r \cdot 3) : r = 7.77777 \dots %

Rate : 7.77777 \dots %

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