Mario borrows $4800 for 8.5 years at a fixed rate of simple interest. at the end of that time, he owes $8000. what interest rate is he being charged?

Step-by-step explanation

The unknown is the interest rate.

The givens are the principal=$4800, time=8.5 years and amount=$8000(to find the interest, subtract the principal from the amount,$8000-$4800=$3200)so interest is $3200

The formula for finding rate is R=I*100/PT where R is rate, I is interest and P is principal and T is time.the 100 is there because R is a percentage.

R=$3200*100/$4800*8.5=7.8%(rounded to nearest tenth)

Therefore the interest rate is about 7.8%

the circle one

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step-by-step explanation:

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