My final balance after 48 months was $896.00. if i originally put $800.00 into the bank, what was the interest rate?
1 answer:
The simple interest formula is
presented as I = PxRxT where I is the interest, P is the principal amount, R is
therate and T is the time in years.
I = PxRxT
($896.00) = ($800.00)xRx(48/12)
<span>R = 0.28 or 28%</span>
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