Keisha borrowed $400 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $120. As a percentage, what was the annual interest rate of her loan?

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Jul 26, 2022 109k views

3 votes

Keisha borrowed $400 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $120. As a percentage, what was the annual interest rate of her loan?

Mathematics
college

Ronatory asked

by Ronatory

5.3k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

2 Answers

4 votes

Answer:

you need to divide 120 by 5

Explanation:

the percentage is 16.6 and it goes on that is for 1 year

Nirav Kotecha answered Jul 27, 2022

by Nirav Kotecha

5.9k points

0 Comments

Please log in or register to add a comment.

3 votes

Answer:

Explanation:

Masiboo answered Jul 31, 2022

by Masiboo

6.2k points

0 Comments

Please log in or register to add a comment.

Ask a Question

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

5.9m questions

7.7m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

2 Answers

0 Comments

Please log in or register to add a comment.

0 Comments

Please log in or register to add a comment.

Other Questions