Question 1125761


use simple interest formula:

{{{I=Prt}}} where {{{I}}} is interest, {{{P}}} is principal (initial value), {{{r}}} is interest rate and {{{t}}} is time in years

given:

a woman borrowed ${{{P=3000}}}
the loan was for {{{t=2}}} years

the amount of interest was ${{{I=204}}}


{{{204=3000*r*2}}}

{{{r=204/(3000*2)}}}

{{{r=cross(204)102/(3000*cross(2))}}}

{{{r=cross(102)51/cross(3000)1500}}}

{{{r=51/1500}}}

{{{r=0.034}}}

so, interest rate is {{{3.4}}}%