If the simple interest on $1,000 for 8 years is $ 480 then what is the interest rate?
1 answer:
Answer:
6%
Step-by-step explanation:
Given data
Principal = $1,000
Time= 8 years
Simple interest= $480
The expression for the simple interest is
Simple interest= PRT/100
Substitute
480= 1000*R*8/100
Cross multiply
480= 8000R/100
480*100= 8000R
48000= 8000R
Divide both sides by 8000
R= 48000/8000
R=6%
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