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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?
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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?

User Ronatory
by
3.4k points

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

User Nirav Kotecha
by
3.7k points
3 votes

Answer:

6%

Explanation:

User Masiboo
by
3.7k points
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