Answer:
52.5%
Step-by-step explanation:
the cost is $125,000
if loaned for 10 years the interest paid on the official amount is$65,625
to find interest rate you:
this is the formula
interest/cost price multiplied by 100%
P.S it's 100% because the unit for interest rate is %
Therefore:
$65,625/$125,000 x 100%
the zero's on 100 cancel the ones on the $125,000.
it becomes $1250
now it's $65,652/$1250
which equals to
52.5%
hope it helps
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