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To calculate the interest rate on a bank loan, use the formula: (Total Repayment - Borrowed Amount) / Borrowed Amount × 100. This calculates the interest rate as a percentage. For example, if you borrow £20,000 and need to repay £24,000, the calculation would be: (24,000 - 20,000) / 20,000 × 100. This shows you how to express the interest incurred on the loan as a percentage. It's crucial to remember that the borrowed amount is the same as the bank loan, simplifying the process.