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Sam loaned $8,000 to his brother to make a down payment on a new home. Three
years later, he paid her back the $8,000 along with an interest of $900. If the
interest that was collected was simple interest, what was the annual interest rate?
Round answer to two decimal places.
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mehrish2660

Answer:

$1,200 interest.

Step-by-step explanation:

To use the simple interest formula, I = Prt, we substitute in the values for variables that are given, ... Do you know that banks pay you to let them keep your money? ... Find the rate if a principal of $9,000 earned $1,755 interest in 3 years. ... Five years later, she paid him back the $8,000, plus $1,200 interest.

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