If $100 is borrowed and the interest after 6 months is $8, what is the annual interest rate for a simple interest loan?

Viral Narshana asked Aug 5, 2023

397,026 views

23 votes

Viral Narshana asked Aug 5, 2023

2.6k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

17 votes

Answer:

Explanation:

I=prt

8/100= 0.08

I=100(6)(0.08)

Crgolden answered Aug 9, 2023

2.8k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

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

1.6m questions

2.0m answers