An investor invests $P and wants to double this amount of money. What simple interest rate required to double the initial amount in 8 years? If you can could you also explain how to calculate the simple interest rate in general as I have been struggling with questions like this, where you have to calculate the simple interest rate.
I would also appreciate it greatly if you could go in depth with the steps to the solution as well as the solution itself. Thanks so much.

px2

Step-by-step explanation:

its bare obvious

is should be y = 5x

step-by-step explanation:

correct me if im wrong

explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.