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Mason took out an $800 loan from the bank. At the end of 5 years, he pays back the principal, plus $120 simple interest. What was the annual interest rate?

Mason took out an $800 loan from the bank. At the end of 5 years, he pays back the principal, plus $120 simple interest. What was the annual interest rate?
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5 votes
Mason took out an $800 loan from the

bank. At the end of 5 years, he pays
back the principal, plus $120 simple
interest. What was the annual interest
rate?

User Andre Kostur
by
8.5k points

1 Answer

4 votes

Answer: 3%

This is pretty easy so this is it

User Noiaverbale
by
8.0k points
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