Joannie lent $200 to her sister. 4 years later, her sister repaid her in full with $228. What simple annual interest rate did joannies sister pay?

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Jerry Coffin asked Jan 3, 2023

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Joannie lent $200 to her sister. 4 years later, her sister repaid her in full with $228. What simple annual interest rate did joannies sister pay?

Mathematics
high-school

Jerry Coffin asked Jan 3, 2023

by Jerry Coffin

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Joanne’s sister paid 3.5% annual interest rate.

Mohab answered Jan 4, 2023

by Mohab

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18 votes

Answer:

$7/year

Explanation:

228-200 = 28

divide by the 4 years : 28/4= 7

Sanath Bharadwaj answered Jan 8, 2023

by Sanath Bharadwaj

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