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Sofia received a 3,000 car loan. She plans on paying off the loan in 2 years. At the end of 2 years, Sofia will have paid $450 in interest. What is the simple interest rate on the car loan?
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Sofia received a 3,000 car loan. She plans on paying off the loan in 2 years. At the end of 2 years, Sofia will have paid $450 in interest. What is the simple interest rate on the car loan?

User Corbella
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1 Answer

4 votes
(So “/” will basically mean divide)
450/3000=0.15
0.15*100=15% rate
User Chantee
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5.8k points
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