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Popular Word Problems >

the bank is going to loan you for 25,000 for you to buy a new car, the loan will be for 5 years. What interest rate did they use if you ended up paying 5,000 in interest

Solution

t h e bank i s g o in g t o l o an yo u f or 25, 000 f or yo u t o b u y a n e w c a r, t h e l o an w i ll b e f or 5 ye a rs . Wha t in t eres t r a t e d i d t h ey u se i f yo u e n d e d u p p a y in g 5, 000 in in t eres t

Solution

Rate : 4%

Solution steps

Translate the problem into an equation:

5000 = 25000 r \cdot 5

Solve for

r, 5000 = 25000 r \cdot 5 : r = 4%

Rate : 4%

Popular Examples

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