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A customer pays the bank a total of $4,224 after borrowing $3,200 at a simple interest rate for 5 years. What was the interest rate? 0.06% 0.32% 3.2% 6.4%
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A customer pays the bank a total of $4,224 after borrowing $3,200 at a simple interest rate for 5 years. What was the interest rate?

0.06%
0.32%
3.2%
6.4%

User ITurchenko
by
9.0k points

1 Answer

3 votes
6.4%
4224-3200=1024
1024/5=204.8
204.8/3200= 0.064
0.064*100=6.4%
User Jadiel De Armas
by
8.3k points
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