if the simple interest on $2000 for 8 years is $960, then what is the interest rate?

Answer 1

2000(8r) = 960
r = 6.0%

That's $120/year * 8 years = $960

Answer 2

I = PRT

960 = 2000 * R * 8

960 = 16000R

960 / 16,000 = R

0.06 = 6% = R