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Evan and Courtney borrowed $5,600 from their bank in order to help with wedding expenses. if the loan had gained $1,993.60 in interest after 48 months, what is the simple intere…

Evan and Courtney borrowed $5,600 from their bank in order to help with wedding expenses. if the loan had gained $1,993.60 in interest after 48 months, what is the simple intere…
asked 115k views
5 votes
evan and Courtney borrowed $5,600 from their bank in order to help with wedding expenses. if the loan had gained $1,993.60 in interest after 48 months, what is the simple interest rate?

asked
User Gorpik
by
8.7k points

2 Answers

1 vote

Answer:

8.9%

Explanation:

1993.16 ÷ 5600 = 0.356

0.356 ÷ 4 = 0.089 or 8.9%

answered
User Aymon Fournier
by
7.8k points
6 votes
R=i/pt
t=48months=4years so
R=1993.6/5600*4
R=0.089*100==8.9%
answered
User Mikkel Tronsrud
by
8.4k points
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