Skylern Skylern

09-03-2017
Mathematics

contestada

evan and Courtney borrowed $5,600 from their bank in order to help with wedding expenses. if the loan had gained $1,993.60 in interest after 48 months, what is the simple interest rate?

Respuesta :

Aliwohaish12 Aliwohaish12

09-03-2017

R=i/pt
t=48months=4years so
R=1993.6/5600*4
R=0.089*100==8.9%

Answer Link

GenesisFlower GenesisFlower

27-04-2021

Answer:

8.9%

Step-by-step explanation:

1993.16 ÷ 5600 = 0.356

0.356 ÷ 4 = 0.089 or 8.9%

Answer Link

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