Question

April took out $600 loan from the bank. At the End of five years, she paid back $600, plus $60 in simple interest. What was the interest rate?

Answer 1

Just from looking, I would say the interest is 10%. To check however, the easiest way to find percent is to make the percent a decimal and multiply. 600 times 0.10 is 60, so It would be 10% simple interest

Answer 2

60/600=.1

.1/5=.02=2% interest rate over 5 years

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