9514 1404 393
Answer:
4.75%
Step-by-step explanation:
When simple interest is charged, the payback amount is ...
A = P(1 +rt) . . . . for annual rate r and a term of t years
Using the given values, we can solve for r.
10280 = 8000(1 +6r)
1.285 = 1 +6r . . . . . . . . divide by 8000
0.285 = 6r . . . . . . . . . . subtract 1
0.285/6 = r = 0.0475 = 4.75% . . . . . . divide by 6; express as %
Theo paid interest at the rate of 4.75%.
