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Three years ago, Ava lent her sister $400 to buy some clothes. Today Ava’s sister pay her loan in full with $454. What simple annual interest rate did she pay?

Three years ago, Ava lent her sister $400 to buy some clothes. Today Ava’s sister pay her loan in full with $454. What simple annual interest rate did she pay?
asked 19.6k views
5 votes
three years ago, Ava lent her sister $400 to buy some clothes. Today Ava’s sister pay her loan in full with $454. What simple annual interest rate did she pay?

asked
User Yauhen Balykin
by
7.6k points

1 Answer

2 votes
454=400(1+3r)
Solve for r
r=((454÷400)−1)÷3
r=0.045*100=4.5%
answered
User FooF
by
8.0k points
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