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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?

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Answer to a math question 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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Miles
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99 Answers
1. Given:
- Principal (P) = 600
- Time (T) = 5 years
- Simple Interest (SI) = 60

2. Formula for Simple Interest:
SI = P \times R \times T

3. Rearrange the formula to solve for the annual interest rate (R):
R = \frac{SI}{P \times T}

4. Substitute the given values:
R = \frac{60}{600 \times 5} = \frac{60}{3000} = 0.02

5. Convert to percentage:
R = 0.02 \times 100 = 2\%

Answer: 2\%

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