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James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan?

James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan?
asked 227k views
5 votes
James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan?

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User Ricardo Anjos
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1 Answer

7 votes
2.8 present interest rate$$$%%%
answered
User JasonP
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