A loan of $9,000 has an annual simple interest rate of 3.5%. What would be the simple interest rate if a loan of $9,000 that is repaid in 6 years has a total cost of $11,052?

3.8%

Step-by-step explanation:

First find the interest cost:

= Amount repaid - Amount borrowed

= 11,052 - 9,000

= $2,052

This cost is the simple interest and because it is the same figure per year, the annual simple interest can be determined by dividing the above by the number of years:

= 2,052 / 6

= $342

Now that we have the simple interest amount, divide it by the amount borrowed to find the rate:

= 342 / 9,000

= 3.8%

answer: your gay

step-by-step explanation:

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