Ask Question
6 July, 21:00

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

+5
Answers (1)
  1. 6 July, 22:03
    0
    2%

    Since interest isn't compounded, it doesn't figure into the running total. Interest is only charged on the principal value.

    600*.02 = 12

    12 dollars per year

    12*5 = 60

    600+60 = $660

    $60 is 10% of the $600 principal

    10%:5 years = 2%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “April took out a $600 loan from the bank. At the end of 5 years, she pays back the principal, plus $60 simple. What was the interest rate ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers