Question

Sue and Joe paid a total of $6,600 in interest payment for the year. They borrowed $66,000. What is their interest rate?

a. .1b. .11c. .12d. .125

Answer 1

interest rate = 10%

Step-by-step explanation:

given data

total interest payment = $6,600

borrowed = $66,000

to find out

interest rate

solution

we get here interest rate that is express as

interest rate =
`(interest\ payment)/(borrow\ amount)` ...........1

put here value we get

interest rate =
`(6600)/(66000)`

interest rate = 0.10

interest rate = 10%