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Mathematics 38 Online
OpenStudy (anonymous):

If $300 is borrowed and the interest after 18 months is $36, what is the annual interest rate for a simple interest loan?

OpenStudy (anonymous):

63%

OpenStudy (anonymous):

8%

OpenStudy (anonymous):

$36 times 2/3 = $24 = 1 years interest $24 divided by 300 = 0.08 = 8%

OpenStudy (anonymous):

thank you so muchhh

OpenStudy (anonymous):

Simple interest just means it doesn't compound.

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