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Joannie lent $200 to her sister. 4 years later, her sister repaid her in full with $228. What simple annual interest rate did joannies sister pay?

Joannie lent $200 to her sister. 4 years later, her sister repaid her in full with $228. What simple annual interest rate did joannies sister pay?
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3 votes
Joannie lent $200 to her sister. 4 years later, her sister repaid her in full with $228. What simple annual interest rate did joannies sister pay?

asked
User Masoud Dadashi
by
8.3k points

2 Answers

2 votes
Joanne’s sister paid 3.5% annual interest rate.
answered
User Louay Sleman
by
8.3k points
7 votes

Answer:

$7/year

Explanation:

228-200 = 28

divide by the 4 years : 28/4= 7

answered
User James Maa
by
8.2k points
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