Question

Joanna bought a car and after 5 years of payments, she paid $6,250. The initial loan for the car was $5,000. What was the interest rate on Joanna's loan for the 5 years?

HELP ME PLS

Answer 1

5%

Explanation:

6,250-5000

1,250

divide that by 5

you get 250

250/5000= 0.05

multiply that by 100 to get the percentage (interest rate)

so the answer is a 5% interest rate