Question

PLEASE HELP ME!! #4 Suzan took out a $700 loan from the bank. At the end of 5 years, she pays back the principal, plus $105in simple interest. What was the annual interest rate? *

Answer 1

3%

Explanation:

105 = 700 x r x 5

r = 105 / ( 700 × 5 ) = 0.03

r = 0.03

0.03 in percent is 3%