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ladessa [460]
3 years ago
11

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 inte

rest rate
Mathematics
2 answers:
wolverine [178]3 years ago
8 0
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%
rusak2 [61]3 years ago
3 0
Isn't it like 600 divided by 5? or no thats the unit rate. sorry I'm not the smartest with this stuff and idk why I'm replying

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