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Ashley borrowed $4000 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $320. As a percentage, what was the annual interest rate of her loan?
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Ashley borrowed $4000 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $320. As a percentage, what was the annual interest rate of her loan?

User Ian A McElhenny
by
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2 Answers

5 votes
It is 4% hope this helps you on your journey through school
User Shine
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8.9k points
11 votes
I= PRT

Interest = (Principal)(Rate)(Time in years)

320 = (4,000)(rate)(2)

320 = 8,000r

0.04 = r
Then convert to a percentage, and get 4%
User Manel
by
8.6k points
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What is simple interest rate if p=$4000,t=2years,and I=$320
Vincent Claes asked Jan 4, 2017
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