Question

A loan worth $1000 collects simple interest each year for 6 years. At the end of

that time, $270 of interest has accrued. What was the annual interest rate for
this loan?
a. 4.25%
b. 5.75%
c. 5.5%
d. 4.5%

Answer 1

B

Explanation:

Use a calculator and do it step by step.