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04-11-2020
Mathematics

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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?

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Gamerman180 Gamerman180

04-11-2020

Answer:

5%

Step-by-step 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

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