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Jane borrowed $800 from a bank for 4 years and was charged simple interest. The total interest that she paid on the loan was $160. As a percentage, what was the annual interest rate of her loan?
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Jane borrowed $800 from a bank for 4 years and was charged simple interest. The total interest that she paid on the loan was $160. As a percentage, what was the annual interest rate of her loan?

User Tamara Aviv
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1 Answer

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It is 5% due to 50% being 400 which makes 5 percent 40
User Xszym
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