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

Solución

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

Solución

Rate : 4%

Pasos de solución

Translate the problem into an equation:

5000 = 25000 r \cdot 5

Resolver para

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

Rate : 4%

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