After 8years Ms Pia Paid A Total Amount Of 110, 135.75 As Pay…
after 8years ms pia paid a total amount of 110, 135.75 as payment for loan amounting to 80,000. find the rate of interest of the investment express your answer to the nearest percent
R = 4.7087%/year
Solving our equation:
Solving our equation:r = (1/8)((110135.75/80000) – 1) = 0.04708711
Solving our equation:r = (1/8)((110135.75/80000) – 1) = 0.04708711r = 0.04708711
Solving our equation:r = (1/8)((110135.75/80000) – 1) = 0.04708711r = 0.04708711Converting r decimal to R a percentage
Solving our equation:r = (1/8)((110135.75/80000) – 1) = 0.04708711r = 0.04708711Converting r decimal to R a percentageR = 0.04708711 * 100 = 4.7087%/year
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