28geetgill 28geetgill

19-05-2022
Mathematics

contestada

if the simple interest on $1,000 for 4 years is $320, then what is the interest rate?

Respuesta :

eseelearning eseelearning

19-05-2022

Answer:

8%

Step-by-step explanation:

assume simple interest rate = r

interest = 1000 * 4 * r = 320

r = 320/4000 = 0.08 = 8%

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