Question

Cora got a $1200 loan for 2 years. She paid $90 in interest. What was her interest rate? (*hint: you will get a decimal as an answer that needs to be turned to a %).

Answer 1

To use the simple interest formula, I = Prt, we substitute in the values for ... Do you know that banks pay you to let them keep your money? ... The rate of interest is usually expressed as a percent per year, and is ... Yes, $90 is reasonable. ... Find the principal invested if $178 interest was earned in 2 years

Explanation: