Luis is taking out a car loan for $5,000. He plans on paying off the car loan in 2 years. At the end of 2 years, Luis will have paid $300 in interest. What is the simple interest rate on the car loan?

Question

08-01-2021
Mathematics

Answered

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Luis is taking out a car loan for $5,000. He plans on paying off the car loan in 2 years. At the end of 2 years, Luis will have paid $300 in interest. What is the simple interest rate on the car loan?

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