A house costs $225,000. If a loan is taken out for 12 years and the interest paid is $148,500, what is the interest rate on the loan
$148,500 / 12 =$12,375 This is simple interest for 1 year
$12,375 / $225,000 =0.055 x 100 =5.5% Simple interest on the house.
6th grade is easy
