Final answer:
The annual rate of interest on a $152,400 loan is 6.75%.
Step-by-step explanation:
To find the annual rate of interest, we need to use the formula:
Interest = Principal x Rate x Time
In this case, the principal (loan amount) is $152,400. The interest is $10,287 and the time is 1 year (since it is an annual rate). Plugging these values into the formula, we get:
$10,287 = $152,400 x Rate x 1
To solve for the rate, divide both sides of the equation by $152,400:
Rate = $10,287 / $152,400
Rate = 0.0675
Converting to a percentage, we get:
Rate = 0.0675 x 100% = 6.75%
Therefore, the annual rate of interest on the $152,400 loan is 6.75%.