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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.
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3 votes
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%

User Mhn
by
6.8k points

1 Answer

3 votes

Answer:

B

Explanation:

Use a calculator and do it step by step.

User Chet Haase
by
7.0k points
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