Ask Question
11 February, 14:08

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. 11 February, 14:57
    0
    20%

    Step-by-step explanation:

    (400 x 12 x 2 - 8000) / 8000 x 100 = 20%
  2. 11 February, 16:25
    0
    P = 8000

    t = 2

    I = p * r * t

    400 = 8000 * r/100 * 2

    r = 400/160 per year

    r = 40/16 = 2.5 %
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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? ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers