Frank borrowed $5,000 with an annual simple interest rate. The amount of interest he owed after 6 months was $300. What is the i
nterest rate of the loan?
A. 1%
B. 6%
C. 10%
D. 12%
2 answers:
Answer:
D. 12%
Explanation:
300 / 5,000 =0.06 x 100 =6% Interest rate for the 6-month period.
6% x 2 =12% nominal annual interest rate - ccompounded semi-annually.
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