Find expert advice and community support for all your questions on IDNLearn.com. Discover the information you need from our experienced professionals who provide accurate and reliable answers to all your questions.

Donna has a $300 loan through the bank she is charged a simple rate The total interest she paid on the loan was $63 As a percentage what was the annual interest rate on her loan

Sagot :

The annual interest rate is 21%

How to determine the annual interest rate?

The given parameters are

Loan Amount, P = $300

Interest, I = $63

Number of years, T = 1

The annual interest rate is calculated as

I = PRT

Substitute the known values in the above equation

63 = 300 * R * 1

Evaluate the product

300R = 63

Divide through by 300

R = 21%

Hence, the annual interest rate is 21%

Read more about simple interest at:

https://brainly.com/question/20690803

#SPJ1