Question

Like borrowed $15,000 to pay his college tuition. Aftershocks graduates he will repay the loan along with simple interest. After two years Luke will owe a total of $17,250. What is the simple interest rate on Luke’s loan

Answer 1

7.5%

Explanation:

17,250-15,000=2,250

2,250/2=1,125

1,125= 7.5%