The hemmings borrowed $3 000 for home improvements. They repaid the loan and $600 in simple interest four years later. What simp
le annual interest rate did they pay
1 answer:
Answer:
5%
Step-by-step explanation:
Given that:
Principal = $3000
Simple Interest paid = $600
Period = 4 years
Simple interest = principal * rate * time
$600 = $3000 * rate * 4
$600 = $12000 * rate
Rate = $600 /$12000
Rate = 0.05
Hence, simple interest rate paid = (0.05 * 100%) = 5%
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