If you take out a loan for $4,000 and you will owe $4,920 after 2 years, what is the rate of simple interest? Express your answer as a percentage rounded to the nearest tenth of a percent if necessary, but do not include the percent sign.
you have to use this equation to solve it [r = (1/t)(A/P - 1)] and basically just plug the numbers in to get 11.5. (you could also use one of those online calculators)
