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Mathematics

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Mariah borrowed $1200 to buy a new computer system. She paid the simple interest loan off in 24 monthly payments of $56 each. What was the interest rate of this loan? a.2%
b.6%
c.4.4%
d.7%

Answer :

savagealwaysdance savagealwaysdance

Today at 8:22 PM

Answer:

B. 6%

Step-by-step explanation:

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ivycoveredwalls ivycoveredwalls

Today at 8:23 PM

Answer:

6%

Step-by-step explanation:

Her 24 monthly payments total 24 x $56 = $1344

That means that $1344 - $1200 = $144 is just interest. What percent is this of her loan amount? Divide to find out:

144 / 2400 = 0.06 = 6%

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