Question

My final balance after 48 months was$896.00. If I originally put $800.00 into

the bank, what was the interest raTe

Answer 1

3 %.

Explanation:

Ill work it out for simple interest:

Simple interest

I = PRT/100

Here I = 96, R = ?, T = 4 years, P = 800

96 = (800 * R * 4) / 100

R = (96* 100) / (4 * 800)

= 3%.