A loan of $8000 was paid back in 2 years in monthly payments of $400.00. The interest on the loan, as a percentage, was??

The interest on the loan as a percentage was 20%

The Simple interest (S.I) accumulated monthly on the principal amount (P)of $8000 is $400.

Using the simple interest formula which can be expressed as:

where;

∴

R = 0.20

As a percentage; we get:

R = 0.20 × 100%

R ≅ 20%  

Learn more about simple interest here:

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(400*12*2 - 8000)/8000 * 100 = 20% profit

Step-by-step explanation:

one that is bigger than 3 1/2