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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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?
Miles
4.9114 Answers
1. Given:
- Principal (P) =600
- Time (T) =5
- 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\%
- Principal (P) =
- Time (T) =
- Simple Interest (SI) =
2. Formula for Simple Interest:
3. Rearrange the formula to solve for the annual interest rate (R):
4. Substitute the given values:
5. Convert to percentage:
Answer:
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