Question

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

Answer 1

450/2 = 225
225/3000 =0.075
0.075 x 100 = 7.5
7.5%