Suppose a 8-year loan for principal amount $8500 was taken out. Over the life of the loan $3400 was paid. If interest did not compound, what was the interest rate per year?

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Stepan Loginov asked Sep 14, 2023

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32 votes

Suppose a 8-year loan for principal amount

$8500
was taken out. Over the life of the loan
$3400
was paid. If interest did not compound, what was the interest rate per year?

Mathematics
high-school

Stepan Loginov asked Sep 14, 2023

by Stepan Loginov

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1 Answer

19 votes

Explanation:

8500× 8

8500

× 8

52000

so,

I will complete your answer

you can any doubt please ask to me

the interest rate per year is = 52000 answer

Abdan Syakuro answered Sep 18, 2023

by Abdan Syakuro

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