Question

evan and Courtney borrowed $5,600 from their bank in order to help with wedding expenses. if the loan had gained $1,993.60 in interest after 48 months, what is the simple interest rate?

Answer 1

8.9%

Explanation:

1993.16 ÷ 5600 = 0.356

0.356 ÷ 4 = 0.089 or 8.9%

Answer 2

R=i/pt
t=48months=4years so
R=1993.6/5600*4
R=0.089*100==8.9%