Three years ago, Ava lent her sister $400 to buy some clothes. Today Ava’s sister paid her loan in full with $454. What simple a
nnual interest rate did she pay?
2 answers:
Ava's sister paid a 4.5% annual interest rate
Her sister paid $54 more than she borrowed, divide that by 3 (years till she paid)
54/3 = 18
That's $18 for every year she'd had the $400 loan out, divide it by 4 to get the percentage
18/4 = 4.5/100 = 4.5%
Answer:
the answer would be 4.5%
Step-by-step explanation:
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Hope this helped have an amazing day/month/year!
