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Lana71 [14]
3 years ago
6

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

$320. As a percentage, what was the annual interest rate of her loan?
Mathematics
2 answers:
Elina [12.6K]3 years ago
7 0
It is 4% hope this helps you on your journey through school
Illusion [34]3 years ago
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%
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