Answer
Mr.Cruz got 500,000 loan for 2 years. He paid 19,000 in interest. What was the interest rate.
Formula: R = I / P x T
Where:
R = Interest Rate
I = Interest
P = Principal
T = Time
Given:
P = 50,000
T = 2 years
I = 19,000
Solution
R = 19,000 / 50,000 x 2
R = 19,000 / 100,000
R = 0.19 x 100%
R = 19%
Answer: The interest rate is 19%
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