Answer:
2% interest rate.
Step-by-step explanation:
Given:
- April took out a $600 loan.
- After 5 years, she pays it back.
- She has payed $60 in simple interest.
Let's find the interest rate using the given values:
60 = [tex]
\frac{600((r)5)}{100} [/tex]
(r represents the possible percentage amount of the variable x)
(100 is being divided by the numerator to simplify the answer)
Solve:
600(5) = 3000
3000(r)/100
Divide by 100:
60 = 30r
Divide both sides of the equation by 30:
2=x
*r is represented by x.
Therefore, the interest rate is 2%.
Best of luck on your midterms!
