ilenelson61 ilenelson61

07-10-2020
Mathematics

contestada

If Steve paid back $7,945 on a $7000 simple interest loan after 3
years. What was the interest rate?

Respuesta :

lakshmiramanan9 lakshmiramanan9

07-10-2020

Answer:

interest rate= 4.5%

Step-by-step explanation:

steve paid back=7945

loan------------------7000

total interest for 3 years=945

for one year-----------------=315

rate of interest= (315 X 100)/7000= 4.5%

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