Based on the monthly installments and the amount that Belinda traded in the television for, the total simple interest paid was $6,600 and the rate of simple interest was 22%.
What was the simple interest paid?
The balance after the trading in and deposit was:
= 20,000 - 3,000 - 2,000
= R15,000
The total simple interest paid was:
= (900 x 2 x 12months) - 15,000
= $6,600
The rate of simple interest was:
= (6,600 / 2 years) / 15,000
= 22%
Find out more on simple interest at https://brainly.com/question/20690803
#SPJ1
