Ana took out a $600 loan from the bank. At the end of 5 years, she pays back $60 in interest. What was the interest rate?
1 answer:
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Answer:
4%
Step-by-step explanation:
After losing 4.17, it came down to 100.08, so the opening price was:
100.08 + 4.17 = 104.25
To find percentage decline, we find the ratio of the "change" (which is 4.17) divided by the opening (original) price, which is 104.25. Then we multiply that fraction by 100 to get our percentage decline.
So,
Thus, the
percentage decline = 4%