Register
April took out a $600 loan form the bank. at the end of 5 years, she pays back the principal, plus $60 simple interest. what was the interest rate?
139k views
2 votes
April took out a $600 loan form the bank. at the end of 5 years, she pays back the principal, plus $60 simple interest. what was the interest rate?

User Kmanzana
by
7.3k points

1 Answer

1 vote
600 x 5 x i = 60
3000 i = 60
i = 60 / 3000
i = 0.02
0.02 = 2%
answer the interest rate was 2%
User Bend
by
7.6k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!