Given:
Principal: 14,100
Interest:4,000
term: 8 years
rate: ?
We'll use the simple interest rate formula to get the interest rate needed.
Simple Interest = Principal * Interest Rate * Term
4,000 = 14,100 * Interest rate * 8 years
4,000 = 112,800 * Interest rate
4,000 / 112,800 = Interest rate
0.03546 = Interest rate
0.03546 * 100% = 3.546% or 3.55% is the interest rate needed.
S.I = 14,100 * 0.0355 * 8
S.I = 500.55 * 8
S.I = 4,004.40
