Your bank gives you a special loan of $112,000. At the end of 30 years, you will pay the bank $176,400 in simple interest. What is the annual interest rate on your loan?

Woah

that's alot of interest

ok so simple interest is the same every year

therefor if the total interest is 176400 in 30 years, then the interest for 1 ear is 176400/30=5880

ok so now

112000 times x%=5880

percent means parts out of 100 so x%=x/100

112000 times x/100=5880

112000x/100=5880

1120x=5880

divide both sides by 1120

x=5.25

answer is 5.25%

Interest, I = PRT/100

R = 100I / PT.

P = 112 000. T = 30 years. Interest = 176 400.

R = 100 * 176 400 / (112 000 * 30)

R = 5.25

Rate = 5.25% per year.