Ashley borrowed $4000 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was

Question

2 years ago

6

$320. As a percentage, what was the annual interest rate of her loan?

2 answers:

Elina [12.6K] · Answer 1 · 2022-09-06T09:25:02+03:00

7 0

It is 4% hope this helps you on your journey through school

Illusion [34] · Answer 2 · 2022-09-06T08:16:30+03:00

4 0

I= PRT

Interest = (Principal)(Rate)(Time in years)

320 = (4,000)(rate)(2)

320 = 8,000r

0.04 = r
Then convert to a percentage, and get 4%