Question

What is simple interest rate if p=$4000,t=2years,and I=$320

Answer 1

Divide 4000 by 100 to get 40, then mutiply it by 8 to get 320. 8% is the interest rate for 2 years, then divide the 8 by 2 to get it for one year 8/2=4. So the answer is 4% simple interest rate for one year. Hope this helped.

Answer 2

I=PRT
R=percetnt in decimal form
x%=x/100

I=320
T=2
P=4000
320=(4000)(x/100)(2)
320=8000(x/100)
320=80x
divide both sides by 80
4=x
answer is 4%