Alexia took out a 12 year loan for $72000 to renovate her home. if her monthly payments are $680, what is the interest rate?

3%

Step-by-step explanation:

Before we are able to calculate for the interest rate, we need to find the total accrued amount.

We can find the accrued amount by simply multiplying the monthly payment to the number of months in 12 years.

12 year = 144 months

Monthly Payment = $680

A = 680 * 144

A = $97920

Now that we have the total accrued amount, we can use the formula:

A = 97920

P = 72000

t = 12

Now let's substitute our values.

We then multiply the value of r by 100 to get the percentage value.

0.03 x 100 = 3%

Alexia's interest rate is 3%.

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