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21-03-2016
English

contestada

My final balance after 48 months was $896.00. if i originally put $800.00 into the bank, what was the interest rate?

Respuesta :

26-03-2016

The simple interest formula is presented as I = PxRxT where I is the interest, P is the principal amount, R is therate and T is the time in years.

I = PxRxT

($896.00) = ($800.00)xRx(48/12)

R = 0.28 or 28%

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