Question

Scott took out a 72 month

loan for $35,000 to purchase
a new boat. If Scott paid
$8,925 in simple interest,
What was the interest rate?
A) 3.5%
B) 4.25%
C) 4.5%
D) 4.75%
E) 5.1%​

Answer 1

B

Explanation:

B as in:

Baby

Bored

Beluga Whale

Balance

Bug

Brother

Answer 2

B

Explanation:

If we use the formula:

Simple interest(SI)=(principal*rate of interest*time in years)/100, and we multiply SI by 100 ns then divide it by principle plus the time in years,

we will get 4.25 as the answer.