The unknown is the interest rate. The givens are the principal=$4800, time=8.5 years and amount=$8000(to find the interest, subtract the principal from the amount,$8000-$4800=$3200)so interest is $3200 The formula for finding rate is R=I*100/PT where R is rate, I is interest and P is principal and T is time.the 100 is there because R is a percentage. R=$3200*100/$4800*8.5=7.8%(rounded to nearest tenth) Therefore the interest rate is about 7.8%
The givens are the principal=$4800, time=8.5 years and amount=$8000(to find the interest, subtract the principal from the amount,$8000-$4800=$3200)so interest is $3200
The formula for finding rate is R=I*100/PT where R is rate, I is interest and P is principal and T is time.the 100 is there because R is a percentage.
R=$3200*100/$4800*8.5=7.8%(rounded to nearest tenth)
