Answered: . As a percentage, what was the annual…

. As a percentage, what was the annual interest rate of her loan? If necessary, refer to the list of financial formulas . %

Foundations of Business - Standalone book (MindTap Course List)

4th Edition

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section: Chapter Questions

Problem 5DQ

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Question

Isabel borrowed

$4000

from a bank for

years and was charged simple interest. The total interest that she paid on the loan was

$960

. As a percentage, what was the annual interest rate of her loan?

If necessary, refer to the

list of financial formulas

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