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Popular Word Problems >

April took out 600 loan from the bank. At the end of 5 years, she pays back the principal, plus 60 simple interest what was the annual interest rate

Solution

A p r i l t oo k o u t 600 l o an f ro m t h e bank . A t t h e e n d o f 5 ye a rs, s h e p a ys ba c k t h e p r in c i p a l, pl u s 60 s im pl e in t eres t w ha t w a s t h e ann u a l in t eres t r a t e

Solution

Rate : 2%

Solution steps

Translate the problem into an equation:

60 = 600 r \cdot 5

Solve for

r, 60 = 600 r \cdot 5 : r = 2%

Rate : 2%

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