Lily took out a 5-year loan from the bank for $31,000 to purchase a new car. at the end of the loan, she had paid a total of $37,975. find the interest rate on the loan.

1,150 give brainliest

step-by-step explanation

2r= 2300

r =1150

80 the answer is 80

step-by-step explanation:

for certain loans like mortgage loans, lenders scrutinize your debt to income ratio when you are applying for credit because it them evaluate your ability to repay your debts.