2000(8r) = 960
r = 6.0%
That's $120/year * 8 years = $960
if the simple interest on $2000 for 8 years is $960, then what is the interest rate?
2 answers
I = PRT
960 = 2000 * R * 8
960 = 16000R
960 / 16,000 = R
0.06 = 6% = R
960 = 2000 * R * 8
960 = 16000R
960 / 16,000 = R
0.06 = 6% = R