Ahouse sold for $350,000. the buyer made a 20% down payment. monthly interest on the loan was $1,400. what was the interest rate on the loan?

the rate of interest will be 6%

Step-by-step explanation:

House sold for = $350,000

buyer made down payment of = 20 %

Monthly interest on loan was $1,400

interest rate on the loan = ?

down payment by the buyers = 20%

                                                  = 0.2 × 350,000 = 70,000

so, the interest will be on  350000- 70000 = 280,000

monthly payment of the interest is $1,400 yearly payment of the interest $1,400 × 1 2 =  $ 16800

so the rate of interest will be =

                                                = 6 %

hence, the rate of interest will be 6%

probably .5

i can on others if necessary.

if you are looking for the unit rate then the answer would be 9 because unit rate is distance divided by time.

step-by-step explanation: