Answer:
8%
Step-by-step explanation:
I = PRT (Interest = Principal x Rate x Time)
Note that:
Interest = $320
Principal = $2000
Time = 2 years
Plug in the corresponding number to the corresponding variables.
320 = (2000)(r)(2)
Simplify. Combine like terms.
320 = (4000)r
Isolate the variable, r. Divide 4000 from both sides.
(320)/4000 = (4000r)/4000
r = 320/4000
r = 0.08
Change the decimal into a percentage.
r = 0.08 = 8/100 = 8%
8% is your interest rate.
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