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Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months. How much money does Marcela get from the bank when she receives the loan? Round to the nearest dollar.

Respuesta :

4 % of 600 over 8 months is 16

600-16=584

Answer:

4.11%

Step-by-step explanation:

This is a continuation of the last problem. We restate it here:

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?

Round to two decimal places. Do not include the percent sign in the answer box below.