dayafiguero07 dayafiguero07

29-06-2020
Mathematics

contestada

Determine the interest rate for a $2000
loan that will be paid off in 3 years with interest
totaling $360. In order to find the interest rate,
solve the formula for r.

Respuesta :

adioabiola adioabiola

05-07-2020

Answer:

6%

Step-by-step explanation:

Simple interest=principal×rate×time

Interest=$360

Principal=$2000

Rate=r

Time=3 years

Simple interest=principal×rate×time

360=2000×r×3

360=6000r

r=360/6000

=0.06

r=0.06×100

=6%

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