Question

PLEASE HELP AND EXPLAIN WELL

Maggie is taking out a student loan for $2,600. She plans on paying off the
loan in 3 years. At the end of 3 years, Maggie will have paid $390 in interest.
What is the simple interest

Answer 1

5%

Explanation:

so basically we know in 3 years she spent 390 dollars

so 390 divided by 3 is 130

so all we need to do is find this:

130 is what percent of 2600

so the final answer is 5%