Answer:below
Explanation:
When Jenny took out a $24,000 loan for a month, she was charged $118 which means that the simple interest monthly rate charged was:
= 118 / 24,000
= 0.49%
This means that the annual interest rate would be:
= Monthly simple interest x 12 months
= 0.49% x 12
= 0.059
= 5.9%