What is the annual interest rate is 1=$160.67, p=$2000, t=8 months

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asked Jan 18, 2019 77.1k views

1 Answer

Enfield Li · Answer 1 · 2019-01-24T12:08:25+0000

Please use " i " to denote "interest."

the formula for simple interest is i = p r t.

Here, i = $160.67 = $2000 (r) (8/12)

Solving for the interest rate, r = ($169.67)(12/8)/ $2000 = 0.127, or 12.7%

What is the annual interest rate is 1=$160.67, p=$2000, t=8 months

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