# SOLUTION: Mario borrows \$4800 for 8.5 years at a fixed rate of simple interest. At the end of that time, he owes \$8000. What interest rate is he being charged?

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 Question 176806: Mario borrows \$4800 for 8.5 years at a fixed rate of simple interest. At the end of that time, he owes \$8000. What interest rate is he being charged?Answer by stanbon(57387)   (Show Source): You can put this solution on YOUR website!Mario borrows \$4800 for 8.5 years at a fixed rate of simple interest. At the end of that time, he owes \$8000. What interest rate is he being charged? --------------------------- Interest quantity: 8000-4800 = 3200 ----------------------------- I = Prt 3200 = 4800r(8.5) r = 3200/[8.5*4800] = 0.07843 or 7.843% =========================================== Cheers, Stan H.