The simple interest on $2,000 for 2 years is $320. What is the interest rate?

Question

asked Apr 18, 2023 184k views

1 Answer

Turkhan Badalov · Answer 1 · 2023-04-23T14:16:15+0000

Answer:

$320/2 = $110 for one year of interset form $2000

$110 / $2000 = 0.055

$2000* 0.055 = $110

$110 * 2 = $320 intrest for two years

Explanation: