Donna has a $300 loan through the bank she is charged a simple rate The total interest she paid on the loan was $63 As a percent
age what was the annual interest rate on her loan
1 answer:
The annual interest rate is 21%
<h3>How to determine the
annual interest rate?</h3>
The given parameters are
Loan Amount, P = $300
Interest, I = $63
Number of years, T = 1
The annual interest rate is calculated as
I = PRT
Substitute the known values in the above equation
63 = 300 * R * 1
Evaluate the product
300R = 63
Divide through by 300
R = 21%
Hence, the annual interest rate is 21%
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