Question

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What RATE of interest did she pay?*
6%
10%
8%
9%

Answer 1

Answer:

Simple Interest =PRT/100

Rate= I ×100/PT

=1350×100/5000×3

135000/15000

=9%

Answer 2

Based on the information given the RATE of interest that  she pay is 9%.

Using this formula

Interest=Principal × Rate × Time

Let plug in the formula by solving for r

1,350=5,000×r×3

1,350=15,000r

1,350/15,000=r

r=0.09×100

r=9%

Inconclusion the RATE of interest that  she pay is 9%.

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