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Teresa borrowed $9000 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loans was $1620. As a percentage, what was the annual interest rate of her loan? Thanks.
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Teresa borrowed $9000 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loans was $1620. As a percentage, what was the annual interest rate of her loan?

Thanks.

User Rindra
by
3.6k points

1 Answer

2 votes

Answer: 9%

Explanation:

SI = prt/100

1620 = (9000 x r x 2) / 100

User Thomas Eizinger
by
3.6k points
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