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zloy xaker [14]
3 years ago
5

Rachel had a loan for $4,000 loan for 4 years.

Mathematics
1 answer:
mr_godi [17]3 years ago
5 0

9514 1404 393

Answer:

  3.8%

Step-by-step explanation:

The interest on a simple-interest loan is ...

  I = Prt

where P is the principal value, r is the annual rate, and t is the number of years.

Solving for r, we get ...

  r = I/(Pt) = 608/(4000×4) = 0.038 = 3.8%

The annual interest rate for the loan was 3.8%.

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