Find the annual simple interest rate of a loan, where $800 is borrowed and where $888 is repaid at the end of 4 months. Annual simple interest rate = %.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
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Find the annual simple interest rate of a loan, where $800 is borrowed and where $888 is repaid at the end of 4 months.
Annual simple interest rate =
%.
Transcribed Image Text:Find the annual simple interest rate of a loan, where $800 is borrowed and where $888 is repaid at the end of 4 months. Annual simple interest rate = %.
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