If the simple interest on $1,000 for 4 years is $320, then what is the interest rate?

Surckarter asked Mar 28, 2023

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Surckarter asked Mar 28, 2023

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8 votes

Answer:

Explanation:

assume simple interest rate = r

interest = 1000 * 4 * r = 320

r = 320/4000 = 0.08 = 8%

Ewing answered Apr 1, 2023

by Ewing

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