a person collected 5600 on a loan of 4800 they made 4 years ago if the person charged simple int

Name: a person collected 5600 on a loan of 4800 they made 4 years ago if the person charged simple interest what was the rate of interest 92756
Uploaded: 2023-07-16T13:08:07-08:00
Duration: 15 s
Channel: Numerade
Description: a person collected 5600 on a loan of 4800 they made 4 years ago if the person charged simple interest what was the rate of interest 92756

Question

Julie Silva · Answer

So in this problem, we&#x27;re told that a simple interest loan of $4 ,000 was repaid at the end of e

Vysakh M · Answer

Hey welcome. So the total borrowed amount is 8 ,000. The total interest after five years is 1 ,2

Vysakh M · Answer

Hey welcome. So initially the principal amount was $28 ,000. Let us call it P. And in a span of

Gregory Higby · Answer

So the way I would approach this problem is like a compound interest formula, where you have the

Question

A person collected 5,600 on a loan of $4,800 they made 4 years ago. If the person charged simple interest, what was the rate of interest?

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