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 p

Question

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?

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Latifah 4 years 2021-09-04T22:01:28+00:00 2 Answers 10 views 0

Answers ( )

  1. Calantha
    0
    2021-09-04T22:02:30+00:00
    Reply

    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%

  2. ngochoa
    0
    2021-09-04T22:03:05+00:00
    Reply

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

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