Question

Kaylee obtains a loan with simple
interest to buy a car that costs
$8,500. If Kaylee pays $1,020 in
interest during the four-year term
of the loan, what was the rate of
simple interest?​

Answer 1

Answer:

3% / Year

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Step-by-step explanation:

Formula for rate calculations In percentage:

r = (Interest ÷ ( Principal × Time))

r = 1020 / ( 8500 × 4 ) = 0.03

r = 0.03

converting rate decimal to a percentage

R = 0.03 * 100 = 3% /year

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