If $100 is borrowed and the interest after 6 months is $8, what is the annual interest rate for a simple interest loan? Rate = ________%

asked May 19, 2023 72.2k views

0 votes

If $100 is borrowed and the interest after 6 months is $8, what is the annual interest rate for a simple interest loan?

Rate = ________%

5.8k points

Please log in or register to add a comment.

0 votes

The annual interest rate for a simple interest loan would be 16%.

Oscarina answered May 23, 2023

5.4k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.6m questions

7.3m answers