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15 March, 08:04

Jamerra received a $3000 car loan. she plans on paying off the loan in 2 years, jammerra will have paid $450 in interest. what is the simple interest rate on the car loan?

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  1. 15 March, 08:21
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    Jammera received a $3000 car loan.

    She’ll be paying this for 2 years with an interest of 450 dollars.

    Let’s find out the interest rate that was charge to Jammera’s car loan.

    => 3 000 dollars * 0.5 = 1500, thus, we’re sure that the interest rate is less than 50%

    => Let’s try 25%

    => 3000 *.25 = 750 (interest rate is also less than 25%)

    => Let’s try 15%

    => 3000 x. 15

    => 450 dollars

    Thus, the interest rate is 15% for 2 years.
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