Keisha borrowed $400 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $120. As a percentage, what was the annual interest rate of her loan?

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Peter Parker asked Nov 27, 2022

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Keisha borrowed $400 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $120. As a percentage, what was the annual interest rate of her loan?

Mathematics
college

Peter Parker asked Nov 27, 2022

by Peter Parker

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21 votes

Answer:

you need to divide 120 by 5

Explanation:

the percentage is 16.6 and it goes on that is for 1 year

Edward Casanova answered Nov 29, 2022

by Edward Casanova

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24 votes

Answer:

Explanation:

Alwayss Bijoy answered Dec 4, 2022

by Alwayss Bijoy

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