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
2 answers:
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%
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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