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Vincent took out a 500 loan to buy a new couch. He paid back the loan in 2 years and paid an interest of 70. What was the simple interest rate for his loan?

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解答

Vincenttookouta500loantobuyanewcouch.Hepaidbacktheloanin2yearsandpaidaninterestof70.Whatwasthesimpleinterestrateforhisloan?

解答

Rate:7%
求解步骤
Translate the problem into an equation:70=500r⋅2
求解 r,70=500r⋅2:r=7%
Rate:7%

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