Answer:
R = 41.8129%/year
Equation:
r = (1/t)(A/P - 1)
Calculation:
Solving our equation:
r = (1/6)((8000/2280) - 1) = 0.41812865
r = 0.41812865
Converting r decimal to R a percentage
R = 0.41812865 * 100 = 41.8129%/year
The interest rate required to get a total amount, principal plus interest, of $8,000.00 from simple interest on a principal of $2,280.00 over 6 years is 41.8129% per year.
Step-by-step explanation:
Answer:
I believe it is 4.75 %
Step-by-step explanation:
2,280 × 100 = 228,000
228,000 / 8,000 = 28.5
28.5/6 = 4.75 %
