Respuesta :
the interest rate is 4.5%
Explanation:Amount of loan = $4800
duration of the laon = 8 months
Amount to pay back = $4944
Interest = amount to be paid back - initial amount of loan
Interest = 4944 - 4800
Interest = $144
Interest rate = ?
To get the interest rate (R), we will use the simple interest formula:
[tex]\begin{gathered} I\text{ = PRT} \\ \text{where P = principal / loan} \\ R\text{ = rate} \\ T\text{ = time } \end{gathered}[/tex][tex]\begin{gathered} P\text{ = 4800} \\ I\text{ = 144} \\ R\text{ = ?} \\ \text{T = 8 months = 8/12 year} \\ \\ \text{Substitute into the formula:} \\ 144\text{ = 4800 }\times\text{ }R\text{ }\times\text{ }\frac{8}{12} \end{gathered}[/tex][tex]\begin{gathered} 144\text{ = 400 }\times\text{ 8R} \\ 144\text{ = 3200R} \\ R\text{ = }\frac{144}{3200} \\ R\text{ = }\frac{9}{200}\text{ = 0.045} \\ \\ In\text{ percentage, R = 0.045 }\times\text{ 100} \\ R\text{ = 4.5\%} \end{gathered}[/tex]To the nearest tenth of a percent, the interest rate is 4.5%
