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Loren lent his brother $3,000 and got back $660 in interest after 4 years. The rate was:
A4.4%
B2.2%
C5.5%
D6.6%
Answer & Solution
Correct answer: C. 5.5%
1. Interest equals principal times rate times time.
2. 660 equals 3000 times r times 4.
3. So r is 0.055, that is 5.5 percent.
_Source: OpenStax Elementary Algebra 2e, Chapter 3, Solve Percent Applications (CC BY 4.0)._
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