The cost of interest of a $500 loan for 12 months is $21.88. What is the interest rate charged for the loan per year?

Akhi asked Nov 27, 2022

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15 votes

The cost of interest of a $500 loan for 12 months is $21.88. What is the

interest rate charged for the loan per year?

Akhi asked Nov 27, 2022

by Akhi

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6 votes

Answer:

4.376%

Explanation:

$21.88/$500 x 100= 4.376%

Amba answered Dec 1, 2022

by Amba

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