Question

My final balance after 48 months was$896.00. If I originally put $800.00 into
the bank, what was the interest raTe

Answer 1

Answer:

3 %.

Step-by-step explanation:

Ill work it out for simple interest:

Simple interest

I = PRT/100

Here I = 96, R = ?, T = 4 years, P = 800

96 = (800 * R * 4) / 100

R =  (96* 100) / (4 * 800)

= 3%.