Question

Mary borrowed $6000 from a bank for 3 years and was charged simple interest. The total interest that she paid on the loan was $720. As a percentage, what was the annual interest rate of her loan?

If necessary, refer to the list of financial formulas.

what is the percent %

Answer 1

4.17




Step by step : I don’t know if it’s right but I did $6000 x 3 cause he did it for 3 year and then it came up to $18,000 then I did what is the percentage of 750$ in $18,000 and got 4.17