Question

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

Answer 1

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 %

Answer 2

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