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Lenore borrowed $400 to pay for car repairs. She needs to pay it back in 2 years with simple interest. Lenore wants to figure out the interest rate of her loan. What additional information does she need
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Lenore borrowed $400 to pay for car repairs. She needs to pay it back in 2 years with simple interest. Lenore wants to figure out the interest rate of her loan. What additional information does she need to find the interest rate?

User Antoniodvr
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2 Answers

2 votes

The type of car repairs

User Dastur
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6.4k points
2 votes
R=i/400*2
She needs the total interest paid
Or the future value of that amount
User Moby Duck
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