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To solve for the annual interest rate in this simple interest problem, we can use the simple interest formula:

\[
I = P \times r \times t
\]

Where:
- $ I $ is the interest paid ($336 in this case),
- $ P $ is the principal amount ($9000),
- $ r $ is the annual interest rate (which we need to find),
- $ t $ is the time the loan is taken, in years.

The loan period is given as 7 months, so we need to convert that to years:
\[
t = \frac{7}{12} \text{ years}
\]

Now, we can rearrange the simple interest formula to solve for $ r $:
\[
r = \frac{I}{P \times t}
\]

Substituting the known values:
\[
r = \frac{336}{9000 \times \frac{7}{12}} = \frac{336}{5250}
\]

Now, calculate the value of $ r $:
\[
r = 0.064
\]

Finally, convert $ r $ to a percentage by multiplying by 100:
\[
r = 6.4\%
\]

So, the annual interest rate is **6.4%**.

Do you want more details or have any questions?

Here are 5 related questions:
1. What is the formula for compound interest, and how does it differ from simple interest?
2. How does the length of the loan term affect the total interest paid?
3. If the interest rate were higher, how much more would Leila have paid in interest?
4. Can you calculate the total amount Leila would have repaid, including the principal and interest?
5. What happens to the interest calculation if the time period is given in days instead of months?

**Tip:** Always ensure you convert time into years when calculating interest, as the formula typically assumes time in annual terms.

Leila took out a $9000 loan for 7 months and was charged simple interest. The total interest she paid on the loan was $336. As a percentage, what was the annual interest rate of Leila's loan?

Learn how to calculate the annual interest rate for a $9000 loan taken for 7 months with simple interest. The total interest paid was $336. Understand key concepts like simple interest, percentage calculations, and time conversion. Suitable for students in Grades 9-12.

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