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?

182

likes
909 views

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?

Expert avatar
Miles
4.9
110 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\%

Frequently asked questions (FAQs)
What is the equation of an ellipse with a vertical axis, center at (h, k), semi-major axis of length a, and semi-minor axis of length b?
+
What is the result of multiplying 123 by 456?
+
What is the surface area of a rectangular prism with length 5cm, width 4cm, and height 3cm?
+
New questions in Mathematics
How do you think the company has increased or decreased its income?
a bank finds that the balances in its savings accounts are normally distributed with a mean of $500 and a standard deviation off of $40. What is the probability that a randomly selected account has a balance of more than $400?
[(36,000,000)(0.000003)^2]divided(0.00000006)
30. In 8 s, a car that starts from rest and moves with uniformly accelerated motion has achieved a speed of 72m/s. How much space must it travel to reach a speed of 90m/s? Sunshine: 450 m
A company that manufactures personal hygiene items purchases machinery for $220,000 that is considered to last 7 years; it is estimated that at the end of the period it will have a salvage value of $1000. Find: to. The depreciation rate. b. The book value at the end of the sixth year.
I need to know what 20% or £3292.75
The thermal representation f(x) = 20 times 0.8 to the power of x is known from an exponential function f. Specify the intersection point with the y-axis
Three squares have a total area of 35.25 𝑐𝑚2 . The larger square has twice the side-length of the middle-sized square. The smaller square has its side length exactly 0.5 cm smaller than the middle-sixed square. Find the side lengths of each of the three squares.
form a key for your lock containing the numbers 2 2 5 8 How many different keys can you form?
Calculate the minimum size of a simple random sample assuming a sampling error of 5% assuming that the population size is 100 elements
factor the polynomial completely over the set of complex numbers b(x)=x^4-2x^3-17x^2+4x+30
94 divided by 8.75
2x-5-x+2=5x-11
00 piece jigsaw puzzle. the completed puzzle is 10x10. each piech connects to at least 2 other pieces. i plan to assemble by taking pieces out of box one by one. if i've already taken out 2 pieces that dont directly connect, what is the minimum number of additional pieces that i need to draw to in order to guarentee that the original 2 pieces connect?
Find I (Intrest) using simple interest formula of 17700 @ 15% for 4 years
0<x<2π aralığındaki f(x)=x÷2 fonksiyonunun 0 < x < 4π için grafiğini çiziniz ve 0<x<2n için Fourier seri dönüşümünü gerçekleştiriniz.
a coffee shop has 9 types of creamer and 11 types of sweetener. In how any ways can a person make their coffee?
the length of the fenced in area is to be 5 ft greater than the width and the total amount of fencing to be used is 89 ft find the width and length
A small box measures 10 in. by 4 in. by 6 in. high. Find the volume of the box.
To apply a diagnostic test, in how many ways can 14 students be chosen out of 25? if the order does not matter