Answer:
37.25%
Step-by-step explanation:
To find the simple interest rate, we can use the formula:
Simple Interest = Principal * Rate * Time
In this case, the principal (P) is $19,600, the amount repaid (A) is $29,204, and the time (T) is 4 years. We need to find the rate (R).
Using the formula, we can rearrange it to solve for the rate:
Rate = (Amount / Principal) / Time
Plugging in the values:
Rate = ($29,204 / $19,600) / 4
Rate ≈ 0.3725
So, the simple interest rate is approximately 37.25%
