a loan of $800, you pay 72$ interest for 1.5yrs for a total of $872, what is the interest percentage rate paid

Question

callisto · Answer

May I know what type of interest it is? Simple interest? Compounded interest?

anonymous · Answer

simple

callisto · Answer

Okay~ 
Interest you pay = Principle x interest rate x no. of year
                 72   = 800 x interest rate x 1.5
      interest rate =  0.06 = 6%

anonymous · Answer

OMG, that is correct.  Thank you, this is my first time on here so I didn't know this website was going to be a true help or not.....THANK YOU CALLISTO FOR PROVING IT IS A TRUE HELP!!!!!

callisto · Answer

You're welcome! :)
Welcome to OpenStudy!!!!!

anonymous · Answer

Thank you, I will tell all my friends and teachers about it!

callisto · Answer

Glad to hear that !! :)