Homework help I know the answer jut don't know how to write the problem
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Homework help I know the answer jut don't know how to write the problem

[From: ] [author: ] [Date: 11-05-05] [Hit: ]
000 loan. What interest rate did he pay to the bank in a year?I know the answer just dont know how to write it out.plugging in,since in this special case, the period n is just 1 year,......
Jack paid $2,280 as interest on a $57,000 loan. What interest rate did he pay to the bank in a year?
I know the answer just don't know how to write it out.

-
A = P(1+r)^n
I = A - P = P( (1+r)^n - 1)

plugging in,
2280 = 57000( (1+r)^1 - 1) = 57000r

r = 100 *2280/57000 % = 4% <-----------

note:
------
since in this special case, the period n is just 1 year, we could just write

% interest = 100*interest /priincipal = 100*2280/57000 = 4%
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