SOLUTION: Samantha received a loan from the bank for $4,500. She plans on paying off the loan in 4 years. At the end of 4 years, Samantha will have paid $900 in interest. What is the simp

SOLUTION: Samantha received a loan from the bank for $4,500. She plans on paying off the loan in 4 years. At the end of 4 years, Samantha will have paid $900 in interest. What is the simp

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Question 1101437: Samantha received a loan from the bank for $4,500. She plans on paying off the loan in 4 years. At the end of 4 years, Samantha will have paid $900 in interest. What is the simple interest rate on the back loan.

Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
4500 x 4x=900
4x=0.2
x=0.05
The simple interest was 5%
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