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

Answer:

interest rate = 10%

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 = $\frac{interest\ payment}{borrow\ amount}$   ...........1

put here value we get

interest rate = $\frac{6600}{66000}$

interest rate = 0.10

interest rate = 10%