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PLEASE HELPPP AND EXPLAIN

Maggie is taking out a student loan for $2,600. She plans on paying off the
loan in 3 years. At the end of 3 years, Maggie will have paid $390 in interest.
What is the simple interest

Sagot :

krishap710

Answer:

5%

Step-by-step explanation:

Let the interest rate be x100

So we have for simple interest: x100×$2600=$390

This is the same as: ddddddddddx×$2600100=$390

x×$2600100=$390

Divide both sides by $26.

x×$26$26=$390$26

x×1=$390$26

x=15

But x is from x100

The % symbol is like a unit of measurement and one that is worth 1100

So 15100d→d15×1100d→d15×%→15%

But this is over 3 years so the annual interest rate is d15%3=5%

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