Finding the principal, rate, or time of a simple... Ann borrowed \( \$ 200 \) from a bank for 4 years and was charged simple interest. The total interest that she pa was \( \$ 56 \). As a percentage, what was the annual interest rate of her loan? If necessary, refer to the list of financial formulas. \( \square \% \)

To find the annual interest rate, we use the formula for simple interest: \( I = P \times r \times t \), where \( I \) is the interest earned, \( P \) is the principal, \( r \) is the rate (in decimal), and \( t \) is the time in years. Here, \( I = 56 \), \( P = 200 \), and \( t = 4 \). Plugging in the values, we have \( 56 = 200 \times r \times 4 \). Rearranging gives \( r = \frac{56}{200 \times 4} = \frac{56}{800} = 0.07 \). To convert it to a percentage, we multiply by 100, resulting in an annual interest rate of \( 7\% \). So, the answer is \( 7\% \).