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1 vote
If the simple interest on 7000 for 8 years is 4480 whats the interest rate

2 Answers

5 votes
Solving our equation
r = (1/8)((7000/4480) - 1) = 0.0703125
r = 0.0703125
converting r decimal to a percentage
R = 0.0703125 * 100 = 7.0313%/year

The interest rate required to get
a total amount, principal plus interest, of $ 7,000.00

from simple interest on a principal of $ 4,480.00

Hope it helped
over 8 years is 7.0313% per year.





User Koobz
by
7.2k points
5 votes
I believe you divide 4480 by 8 and get 560 and that should be the answer.
User Gonkers
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7.9k points