Let's solve this problem step-by-step.
STEP-BY-STEP SOLUTION:
Let's first establish the simple interest formula which we will require to solve this problem as displayed below:
Simple Interest = Principal × Rate of Interest × No. of Time Periods
I = PRN
Now let's substitute the values from the problem into this formula and solve as displayed below:
I = $15
P = $150
R = ?
N = 2 years
I = PRN
15 = 150 × R / 100 × 2
R / 100 = 15 / ( 150 × 2 )
R / 100 = 15 / 300
R = 5 / 100 × 100
R = 5%
ANSWER:
The simple annual interest rate for the loan is 5%. Therefore, the answer is:
B ) 5.0%
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