Sabrina K.

asked • 06/07/15

please help

To pay for school, Damon borrowed $3,000.00 from his aunt. She told Damon that she expected the loan to be repaid in full after 5 years, and that she would be charging him simple interest on an annual basis. After 5 years passed, Damon received a letter from his aunt stating that he owed her $4,050.00. What was the interest rate that Damon's aunt charged him?Simple Interest Formula: I = Prt

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