Donna borrowed $3000 from a bank for 2 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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asked Oct 27, 2023 77.1k views

23 votes

Donna borrowed $3000 from a bank for 2 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

Taller asked

by Taller

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1 Answer

12 votes

Answer:

I = PRT / 100

P=3000
R=?
T = 2
I = 120

R = 100I/PT

R = 12000/6000

R = 2%

Nevster answered Oct 31, 2023

by Nevster

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