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13 May, 08:08

A loan of $8 000 was repaid in 2 years in

monthly payments of $400.00. The interest

on the loan, as e percentage, was?

+1
Answers (2)
  1. 13 May, 09:39
    0
    20%

    Step-by-step explanation:

    (400 x 12 x 2 - 8000) / 8000 x 100 = 20%
  2. 13 May, 09:53
    0
    P = 8000

    t = 2

    I = p * r * t

    400 = 8000 * r/100 * 2

    r = 400/160 per year

    r = 40/16 = 2.5 %
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