Question

17. A loan of $8000 was paid back in 2

years in monthly payments of $400.
The interest on the loan as a
percentage, was
A. 5%
B. 8-%
C. 162 %
16
D. 20%​

Answer 1

D. 20%

Explanation:

2 years = 24 months

400 × 24 = 9600

9600 - 8000 = 1600

1600/8000 = 1/5

1/5 = 20%