SOLUTION: A person collected $ 1,400 on a loan of $ 1,200 they made 8 years ago. what was the rate of interest?

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Question 1009293: A person collected $ 1,400 on a loan of $ 1,200 they made 8 years ago. what was the rate of interest?
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
If it is simple interest we are talking about, then
I = prt and we are looking for r...
r = I/pt = 200/(1200)(8) = 1/48 = 2.083%