Register

An X-ray machine for animals costs$125,000. If the loan is for 10 years, an the interest paid is $65,625, what is the interest rate on the loan

An X-ray machine for animals costs$125,000. If the loan is for 10 years, an the interest paid is $65,625, what is the interest rate on the loan
asked 228k views
3 votes
An X-ray machine for animals costs$125,000. If the loan is for 10 years, an the interest paid is $65,625, what is the interest rate on the loan

asked
User LIAL
by
8.3k points

1 Answer

5 votes
The answer is 5.25%.

$65,625/10yrs=$6,562.50 per a year.

6,562.5/125000= .0525 which translates to 5.25%.


answered
User Chiapa
by
7.3k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!