To find the interest rate of the loan, we can use the formula:
n = (P1 - 1) * 100% ____ P
Where: n = interest rate P1 = final amount to be repaid P = initial loan amount
Given: P1 = 170,000 rubles P = 100,000 rubles
Substituting the given values into the formula:
n = (170,000 - 100,000) * 100% ______ 100,000
Simplifying the equation:
n = 70,000 * 100% ______ 100,000
n = 70%
Therefore, the interest rate of the loan is 70%.
