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Gloria got
a 12000 ssp loan for 2 years she paid 90 ssp interest. what was interest rate


Sagot :

Answer:

Interest = Principal x Rate x Time

Given:

Principal (P) = 12000 SSP

Interest (I) = 90 SSP

Time (T) = 2 years

We need to find the interest rate (R).

First, calculate the total amount repaid:

Total Amount = Principal + Interest

Total Amount = 12000 SSP + 90 SSP

Total Amount = 12090 SSP

Now, we can calculate the interest rate:

12090 = 12000 x R x 2

12090 = 24000R

R = 12090 / 24000

[tex] \: \color{red}\boxed{R = 0.50375}[/tex]