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Mason took out an $800 loan from the bank at the end of five years he pays back the principal plus $120 simple interest what was the annual interest rate
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5 votes
Mason took out an $800 loan from the bank at the end of five years he pays back the principal plus $120 simple interest what was the annual interest rate

User Vaclav Turecek
by
8.1k points

1 Answer

4 votes

Answer: 3%

Explanation:

For a year 120/5=24

800*(x/100)=24

8x=24

x=3

User Diadyne
by
7.9k points
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