Keyanna saved 4600. Over the course of 4 years, Keyanna ended up earning an additional 1656 in interest. What was the simple interest rate of the loan?

Solution

Solution

Rate : 9%

Solution steps

Translate the problem into an equation:

1656 = 4600 r \cdot 4

Solve for

r, 1656 = 4600 r \cdot 4 : r = 9%

Rate : 9%

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