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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?

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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 frac 571 20 4800*100%=frac 57120 4800 =11 9 Interest rate is 11,9%

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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 101 views.

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