Question

if sheila paid 797.50 dollars in interest on a 5 years loan of 5800 dollars. what was the annual interest rate?

Answer 1

Are you familiar with I = Prt

Answer 2

yeah

Answer 3

If Interest = 797.50
p =?
r = ?
t = ?

Answer 4

p=5800
r=x
t=5 years

Answer 5

Good, now you can find x correct?

Answer 6

oh..ok.thx