Answer:
7.80%
Step-by-step explanation:
Given data
Amount borrowed=$3,209
Payback amount= $4,210.21
Simple interest= 4,210.21-3,209= 1001.21
time= 4 years
We know that
SI= PRT/100
1001.21= 3,209*R*4/100
cross multiply
1001.21*100= 12836R
100121/ 12836= R
R=7.80
Hence the rate is 7.80%
