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    u009574's Avatar
    u009574 Posts: 3, Reputation: 1
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    #1

    Apr 23, 2015, 08:25 AM
    Interest paid
    Debbie Mc Adams paid 8% interest on a $12,500 loan balance. Jan Burke paid $5,000 interest on a $62,500 loan. Based on 1 year: (what was the amount of interest paid. What was the interest rate paid by Jan?
    Cat1864's Avatar
    Cat1864 Posts: 8,007, Reputation: 3687
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    #2

    Apr 23, 2015, 08:29 AM
    Please show your work or explain where you are having issues so we can give you help in solving the problem.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Apr 23, 2015, 12:42 PM
    First you have to know the interest formula, which is: Principal * Rate * Time = Interest. Since you already know 3 amounts simply rearrange your formula to solve for the unknown amount.

    So Rate = Interest / (Principal * Time)

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