Respuesta :

mhanifa

Answer:

  • Interest rate is 3%

Step-by-step explanation:

Given

  • Loan P = $10405
  • Interest rate r = ? simple
  • Interest amount I = $1872.90
  • Time t = 6 years

Use the Interest formula to find the rate:

  • I = Ptr
  • 1872.9 = 10405*6*r
  • r = 1872.9/62430
  • r = 0.03 = 3%
r=0.003t+30 is what i got