Question

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What RATE of interest did she pay?*
6%
10%
8%
9%

Answer 1

Answer:

Simple Interest =PRT/100

Rate= I ×100/PT

=1350×100/5000×3

135000/15000

=9%