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24 October, 05:44

Jane would like to borrow $850 for exactly one year, so that she can buy a brand-new lawn mower for the lawn-mowing business she is starting. jane's local bank agrees to lend her the money only if she is willing to pay back the full amount plus an extra $30, for a total repayment amount of $880. what is the annual interest rate on jane's loan from her bank? give the answer as a percentage, rounded to one decimal place.

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  1. 24 October, 08:50
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    Annual interest rate is the amount charged in interest per year, as a percentage of principal balance. In this case, interest for one year is $30 and principal is $850. Annual interest rate = $30/$850 = 3.5%
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