Last year, Jackson borrowed $20,000 to buy a preowned boat. He repaid the principal of the loan plus $2750 interest after only 1 year. This year, his brother Henri borrowed $15,000 to buy a car and expects to pay it off in only 1 year plus interest of $2295. The rate that each brother paid for his loan is ___ %

Jackson 13.75%

Henri 15.3%

Explanation:

Interest = principal x rate x year

Jackson

$2750  = $20,000 x rate x 1

divide both sides by $20,000

rate = 0.1375 = 13.75%

Henri

$2295 = $15,000 x rate x 1

divide both sides by $15,000

Rate = 0.153 = 15.3%

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