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Chapter 2: Q. 2.52 (page 127)

Loren lent his brother \(3000to help him buy a car. In four years, his brother paid him back the \)3000 plus $660 in interest. What was the rate of simple interest

Short Answer

Expert verified

Rate of simple interest was5.5%.

Step by step solution

01

Step 1. Expression to be used for the simple interest,

Interest = prt

Here, p=Principal amount

r=Rate of interest

t=duration

02

Step 2. Substitute the values given in the question,

Principal amount = $3000

Interest paid = $660

Duration = 4years

660=3000脳r脳4

role="math" localid="1644444378946" r=66012000

r=0.055

Therefore, rate of interest =0.055脳100=5.5%

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