The simple interest owed on a loan of $5,600 after 4 years is $1,008. What percent represents the annual interest rate on the lo
an?
1 answer:
9514 1404 393
Answer:
4.5%
Step-by-step explanation:
The interest is given by ...
I = Prt . . . . interest at annual rate r for t years on principal P
1008 = 5600r·4
1008/22400 = r = 0.045 = 4.5%
The annual interest rate on the loan is 4.5%.
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