SOLUTION: A loan of $8000 was paid back in two years in monthly payments of $400. The percentage profit on the loan was?

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Question 934427: A loan of $8000 was paid back in two years in monthly payments of $400. The percentage profit on the loan was?
Answer by TimothyLamb(4379) About Me  (Show Source):
You can put this solution on YOUR website!
(400*12*2 - 8000)/8000 * 100 = 20% profit
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