The interest rate due is $63.12. Hope that helps you.
In this sum we will calculate using the simple interest.
Simple interest is calculated from the formula :
I = PRT
where I is the interest, P is the principal, R is interest rate per year and t is time in years.
I = 2000 × 3 % x 2
We have to turn 3% to its decimal fraction which is 0.03, so:
I = 2000 × 0.03 × 2
I = 60 × 2
I = 120
Therefore the interest earned in two years will amount to 120 $
