Answer:
The interest rate is 0.0425%
Step-by-step explanation:
Mathematically;
I = PRT/100
From the question, I in this context is the difference between how much they have paid and the amount borrowed
Mathematically, this is ; 364,000-160,000 = 204,000
This is the interest
R is the rate = ?
T = 30 years
P is the amount borrowed = 160,000
thus, we have
204,000 = (160,000 * R * 30)/100
2040 = 4800000R
R = 2040/4800000
R = 0.000425 which is 0.0425%
