SOLUTION: Two years ago, Ben borrowed $150 from his brother to buy a CD player. He agreed to pay $15 in interest. What is the simple annual interest rate for this loan?

Question 1044031: Two years ago, Ben borrowed $150 from his brother to buy a CD player. He agreed to pay $15 in interest. What is the simple annual interest rate for this loan?

Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Two years ago, Ben borrowed $150 from his brother to buy a CD player. He agreed to pay $15 in interest. What is the simple annual interest rate for this loan?
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15/150 = 1/10 = 10%
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The question is not clear. Did he agree to it 2 yrs ago, or did he do it 2 years ago?
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I was not present for the deal. No way to know.
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