An individual takes out a one-year loan for $1,200. At the end of the year, they make a single payment of $1,296 to settle the loan completely. The annual interest rate for this loan is ____%.
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CORE Econ
Economics
Social Science
Empirical Science
Science
Economy
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Ch.9 Lenders and borrowers and differences in wealth - The Economy 2.0 Microeconomics @ CORE Econ
Application in Bloom's Taxonomy
Cognitive Psychology
Psychology
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Comparing Loan Offers
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Calculating Interest Rate from Interest Paid
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An individual takes out a one-year loan for $1,200. At the end of the year, they make a single payment of $1,296 to settle the loan completely. The annual interest rate for this loan is ____%.