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

2%

Since interest isn't compounded, it doesn't figure into the running total. Interest is only charged on the principal value.

600*.02 = 12

12 dollars per year

12*5 = 60

600+60 = $660

$60 is 10% of the $600 principal

10%:5 years = 2%