Maya took out a $24,000 loan for 1 month and was charged simple interest.
The total interest she paid on the loan was $118.
As a percentage, what was the annual interest rate of Maya's loan?
Do not round any intermediate computations. If necessary, refer to the list of financial formulas.

Question

04-10-2022
Mathematics

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Maya took out a $24,000 loan for 1 month and was charged simple interest.
The total interest she paid on the loan was $118.
As a percentage, what was the annual interest rate of Maya's loan?
Do not round any intermediate computations. If necessary, refer to the list of financial formulas.

Sagot :

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