SOLUTION: To start a mobile dog-grooming service, a woman borrows $4,000. If the loan was for 2 years and the amount of interest was $376, what simple interest rate was she charged?

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Question 1134676: To start a mobile dog-grooming service, a woman borrows $4,000. If the loan was for 2 years and the amount of interest was $376, what simple interest rate was she charged?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
+P+=+4000+
+t+=+2+
+I+=+376+
+376+=+4000%2Ar%2A2+
+376+=+8000r+
+r+=+376%2F8000+
+r+=+.047+
4.7% interest