SOLUTION: Find the simple intrest rate being charged on a loan of $8500 if $3230 in intrest s due when the loan is due in 4 years.
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Question 402676: Find the simple intrest rate being charged on a loan of $8500 if $3230 in intrest s due when the loan is due in 4 years.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Find the simple intrest rate being charged on a loan of $8500 if $3230 in intrest s due when the loan is due in 4 years.
i= prt
3230=8500*r*4
r=3230/(8500*4)
r = 0.095
=9.5%
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