Kyle Winston borrowed $4,000 for 90 days. At the due date, he paid $75 interest and repaid all of the principal. What was the ordinary simple interest rate (360-day year) that was charged on the loan? (To nearest 1/10 of a percent.)

Question

Quizplus · Accepted Answer

The Answer of Kyle Winston borrowed $4,000 for 90 days. At the due date, he paid $75 interest and repaid all of the principal. What was the ordinary simple interest rate (360-day year) that was charged on the loan? (To nearest 1/10 of a percent.)

Kyle Winston Borrowed $4,000 for 90 Days