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Mary borrowed $6000 from a bank for 3 years and was charged simple interest. The total interest that she paid on the loan was $720. As a percentage, what was the annual interest rate of her loan?

If necessary, refer to the list of financial formulas.

what is the percent %

User Nick Duddy
by
6.0k points

1 Answer

5 votes
4.17




Step by step : I don’t know if it’s right but I did $6000 x 3 cause he did it for 3 year and then it came up to $18,000 then I did what is the percentage of 750$ in $18,000 and got 4.17
User Jussi
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6.5k points
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