The rate of interest that Khalil Hamid Ali paid for borrowing $12,000 and paying $1,890 as interest expense for 1.5 years is 10.5%.
Data and Calculations:
Amount borrowed = $12,000
Interest paid = $1,890
Time period = 1.5 years
Rate of interest = 10.5% ($1,890/$12,000 x 1/1.5)
Thus, the rate of interest that Khalil Hamid Ali paid for borrowing $12,000 and paying $1,890 as interest expense for 1.5 years is 10.5%.
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