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zzz [600]
3 years ago
9

If the simple interest on 7000 for 8 years is 4480 whats the interest rate

Mathematics
2 answers:
solniwko [45]3 years ago
7 0
Solving our equation
r = (1/8)((7000/4480) - 1) = 0.0703125
r = 0.0703125
converting r decimal to a percentage
R = 0.0703125 * 100 = 7.0313%/year

The interest rate required to get
a total amount, principal plus interest, of $ 7,000.00

from simple interest on a principal of $ 4,480.00

Hope it helped
over 8 years is 7.0313% per year.





exis [7]3 years ago
6 0
I believe you divide 4480 by 8 and get 560 and that should be the answer.
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