SOLUTION: April took out a $600 loan from the bank. At the end of 5 years, she pays back the principal, plus $60 simple interest. What was the interest rate?

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Question 1100136: April took out a $600 loan from the bank. At the end of 5 years, she pays back the principal, plus $60 simple interest.
What was the interest rate?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
60/600=.1
.1/5=.02=2% interest rate over 5 years
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