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April took out a $600 loan from the bank. At the end of 5 years, she pays back the principal, plus $60 simple interest. What was the annual interest rate?

April took out a $600 loan from the bank. At the end of 5 years, she pays back the principal, plus $60 simple interest. What was the annual interest rate?
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2 votes
April took out a $600 loan from the bank. At the end of 5 years, she pays back the principal, plus $60 simple interest.

What was the annual interest rate?

User Ginandi
by
8.1k points

2 Answers

1 vote

Answer:

2%

Explanation:

User Bulat
by
9.1k points
4 votes
I think it would be 60 if not 120
User Sebix
by
8.8k points
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