celese98stu celese98stu

13-02-2021
Mathematics

contestada

Ashley borrowed $4000 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $320. As a percentage, what was the annual interest rate of her loan?

Respuesta :

13-02-2021

I= PRT

Interest = (Principal)(Rate)(Time in years)

320 = (4,000)(rate)(2)

320 = 8,000r

0.04 = r
Then convert to a percentage, and get 4%

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DeathSkull1342 DeathSkull1342

18-02-2021

It is 4% hope this helps you on your journey through school

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