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Cassandra obtains a loan with simple interest to buy a car that costs $8,500. If Cassandra pays $1,020 in interest during the four-year term of the loan, what was the rate of simple interest? I need it
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Cassandra obtains a loan with simple interest to buy a car that costs $8,500. If Cassandra pays $1,020 in interest during the four-year term of the loan, what was the rate of simple interest? I need it in percent. For example 74%.

User Pnomolos
by
8.1k points

2 Answers

0 votes

Answer:

3%

Explanation:

User Chingiz Musayev
by
8.7k points
6 votes

Answer:

3%

Explanation:

I = Prt

I = 1020

P = 8500

t = 4

1020 = (8500)(4)r

1020 = 34000r

r = 0.03

User Eshant Bist
by
8.1k points
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