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Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. What is the effective annual interest rate for the loan?

Respuesta :

Larrysammz

Answer:

$16 is the annual interest

Step-by-step explanation:

simple interest = PRT/100

P = $600

R = 4%

T = 8 months = (8/12)years

(600 x 4 x (8/12) )/100 =  1600/100 = $16

Answer:

4.11

Step-by-step explanation:

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