Ask Question
21 November, 11:33

Determine the interest rate for a $2000

loan that will be paid off in 3 years with interest

totaling $360. In order to find the interest rate,

solve the formula for r.

+1
Answers (1)
  1. 21 November, 11:47
    0
    6%

    Step-by-step explanation:

    Simple interest=principal*rate*time

    Interest=$360

    Principal=$2000

    Rate=r

    Time=3 years

    Simple interest=principal*rate*time

    360=2000*r*3

    360=6000r

    r=360/6000

    =0.06

    r=0.06*100

    =6%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Determine the interest rate for a $2000 loan that will be paid off in 3 years with interest totaling $360. In order to find the interest ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers