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A loan of $1500 can be repaid in 18 months by paying the principal amount borrowed...

A loan of $1500 can be repaid in 18 months by paying the principal amount borrowed plus $225.00 interest. What was the rate of interest charged?

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Expert Solution

Interest = $225 for 18 months

so knterest for 12 months= 225*12/18 = $150

so interest of 150 on $1500 that means interest rate = 150/1500*100 = 10%

jeff jeffy answered 2 years ago
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