To pay for school, Damon borrowed $6,000.00 from his aunt. She told Damon that she expected the loan to be repaid in full after 5 years, and that she would be charging him simple interest on an annual basis. After 5 years passed, Damon received a letter from his aunt stating that he owed her $7,800.00. What was the interest rate that Damon's aunt charged him?

Question

anonymous · Answer

360
7,800.00-6,000.00=1,800.00
1800.00/5=360

anonymous · Answer

if you could show me the formula to get this answer it would be really helpful because i don't know it. its not the normal i=prt because i am trying to figure out the rate

anonymous · Answer

im looking for % rate though...

anonymous · Answer

check your mail
 I've answered you

anonymous · Answer

im looking for % rate though...