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6 September, 05:14

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

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  1. 6 September, 05:20
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    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%
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