Anna financed a loan for $15,000 for 10 years with 12,000 in simple interest. What was Carmen's interest rate?

1 Answer
Tony B
Jan 3, 2017

Simple annual interest is 4%

Explanation:

1 years interest is

#("interest")/("year count")=($12000)/(10) = ($12000 -:10)/(10-:10) = ($1200)/1#

As a percentage rate per year this is:#" "($12cancel(00))/($150cancel(00)) = 2/25 = 4/100#

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