You borrow 20,000 and must pay back 40,000 in 4 equial payments over 10 years. What is the interest rate?

Question

asked May 12, 2022 60.5k views

1 Answer

Gui Silva · Answer 1 · 2022-05-18T20:10:53+0000

Answer: 40%

Step-by-step explanation: I=PRT

first we have to drive formula R=I/pt *100%

r=40,000/20,000*10 *100%

=40% interest of the rate

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