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 loan?

Question

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 loan?

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Kim Cúc 4 years 2021-08-29T05:09:14+00:00 1 Answers 118 views 0

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  1. King
    0
    2021-08-29T05:10:37+00:00
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    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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