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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?

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?
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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
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