The total simple interest owed on a loan of $8,000.00 after 60 months is $1,280.00. What is the yearly interest rate on the loan
? Show your work.
1 answer:
Answer:
3.2%
Step-by-step explanation:
1280/5=256 interest per year
principal x interest rate =interest per year
8000 x interest rate =256
interest rate =256/8000
interest rate =.032 or 3.2%
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