4804216247 4804216247

25-03-2021
Mathematics

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The cost of a loan for $600 over 2 years is $120.00. What was the rate on the loan?

Respuesta :

Kayla4320 Kayla4320

25-03-2021

Answer:

your annual interest rate will be 5%.

Step-by-step explanation:

brainliest please?

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dspader dspader

25-03-2021

It was 120 dollars over the span of 2 years, so we divide 120 by 2.

120/2=60

So the loan costed $60 per year

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hope it helps

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