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13-03-2021
Mathematics

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The simple interest owed on a loan of $5,600 after 4 years is $1,008. What percent represents the annual interest rate on the loan?

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sqdancefan sqdancefan

15-03-2021

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Answer:

4.5%

Step-by-step explanation:

The interest is given by ...

I = Prt . . . . interest at annual rate r for t years on principal P

1008 = 5600r·4

1008/22400 = r = 0.045 = 4.5%

The annual interest rate on the loan is 4.5%.

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