devikaharripersad07 devikaharripersad07

18-03-2021
Mathematics

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A loan of$8000 was repaid in 24 equal monthly installments of $400 . The rate of interest on the loan was

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reeserl reeserl

18-03-2021

Answer:

1%

Step-by-step explanation:

24(400) = 9600 = total amt paid

9600 - 8000 = 1600 = amt of interest paid

I = PRT T = 2 yr

1600 = 8000(2)R

1600 = 16000R

1600/16000 = 1/10 = .01 = 1%

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