Question

DESHAWN TOOK A LOAN OUT FOR $1,500 AT 6.4% ANNUAL INTEREST.HIS FRIEND RAY GOT A $2,000 LOAN FROM A DIFFERENT BANK AT A RATE THAT WAS 0.002 LOWER THAN DESHAWN'S. WHAT PERCENT INTEREST WAS THE BANK CHARGING FOR RAY'S LOAN?

Answer 1

0.002 = 0.20%,
Ray's Rate = 6.4% - 0.2% = 6.2%.