Question

Shane took out a 5.5-year loan from the bank in order to purchase at $12,000 motorcycle. At the end of the loan, he had paid $3267 in interest. Find the interest rate. Help me please

Answer 1

4.95%

Explanation:

3,267 ÷ 5.5 = $594 interest per year

$594 ÷ $12,000 = 0.0495 aka 4.95%