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barxatty [35]
3 years ago
15

If the simple interest on $2000 for 2 years is $320, then what is the interest rate?

Mathematics
2 answers:
borishaifa [10]3 years ago
8 0

Answer : The interest rate is, 8 %

Step-by-step explanation :

Given:

Principle = $2000

Simple interest (S.I) = $320

Time = 2 years

Now we have to determine the interest rate.

Formula used :

S.I=\frac{PRT}{100}

where,

P = principle  

R = interest rate

T = time

S.I = simple interest

Now put all the given values in the above formula, we get:

\$320=\frac{(\$2000)\times R\times (2)}{100}

R=\frac{\$320\times 100}{(\$2000)\times (2)}

R=8\%

Thus, the interest rate is, 8 %

pshichka [43]3 years ago
3 0
It would be 20,because you have to divide 320 by 2 which equals $160 for 1 year and then divide that by 2 again would be $80 for 6 months then divide it by 2 again which would be $40 and 3 months for it then divide it by 2 again and 1 and a half months equal $20
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