9514 1404 393
Answer:
3.8%
Step-by-step explanation:
The interest on a simple-interest loan is ...
I = Prt
where P is the principal value, r is the annual rate, and t is the number of years.
Solving for r, we get ...
r = I/(Pt) = 608/(4000×4) = 0.038 = 3.8%
The annual interest rate for the loan was 3.8%.
