92 Views

**A person takes out a loan of 4,800 dollars for 4 years and the loan matures at 7,084.80 dollars, what was the interest rate of return?**

Please show the steps to answer thanks

**Answer**

Interests after 4 years 7084,80-4800=2284,8 Interests on 1 2284,8:4=571,20 We check what percent is 571,20 of 4800 *100%= Interest rate is 11,9%

##### Virtual Teaching Assistant: Colleen R.

##### Question Level: Basic

##### Karma: Free

##### Upload Date: 5/31/2017

This 33 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 92 views.