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Mr. Jamison wants to borrow $375,000 to

open a Pizza Shack franchise. If he can

pay $28,125 a year in interest, what

interest rate can he afford to pay on his

| loan? (Write your answer as a percent.)

Respuesta :

JeanaShupp

Answer: The interest rate can he afford to pay on his  | loan =7.5%

Step-by-step explanation:

Given: Principal amount = 375,000

Interest amount per year =  $28,125

Interest percentage = [tex]\dfrac{\text{Interest}}{\text{Principal}}\times100\%[/tex]

[tex]=\dfrac{28125}{375000}\times100\%\\\\=7.5\%[/tex]

Hence, The interest rate can he afford to pay on his  | loan =7.5%

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