Mai borrowed $5000 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $1500. As a percentage, what was the annual interest rate of her loan? If necessary, refer to the list of financial formulas. []% ?
Mai borrowed $5000 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $1500. As a percentage, what was the annual interest rate of her loan? If necessary, refer to the list of financial formulas. []% ?
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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![Mai borrowed $5000 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $1500. As a percentage, what
was the annual interest rate of her loan?
If necessary, refer to the list of financial formulas.
[]%
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2329ae5-bd80-4bde-acb1-3d6784c24ee9%2Ff5f0bcc9-864b-4829-8b41-97ef7b2fc9d1%2Fsq77fr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mai borrowed $5000 from a bank for 5 years and was charged simple interest. The total interest that she paid on the loan was $1500. As a percentage, what
was the annual interest rate of her loan?
If necessary, refer to the list of financial formulas.
[]%
?
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