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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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22 votes
22 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?

User Divyesh Pal
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3.3k points

1 Answer

17 votes
17 votes

Answer:

I = PRT / 100

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

R = 100I/PT

R = 12000/6000

R = 2%

User Compski
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3.0k points
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