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Back to 6.4 Solve Simple Interest Applications

6.4 Exercise 50

Avg difficulty 2.5

Solve the problem using the simple interest formula.

Hilaria borrowed $8,000\$\text{8},\text{000} from her grandfather to pay for college. Five years later, she paid him back the $8,000,\$\text{8},\text{000} , plus $1,200\$\text{1},\text{200} interest. What was the rate of interest?

OpenStax Prealgebra 2e, 6.4 Solve Simple Interest Applications, exercise 50

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Adapted from Prealgebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Prealgebra 2e. Imported at revision 77a933c.