Find the annual interest rate. i=$160, P=2000, t=8 months

Caiohamamura asked Aug 21, 2022

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Caiohamamura asked Aug 21, 2022

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28 votes

Answer:

0.12 or 12%

Explanation:

I=Prt

r= I/(Pt)

r = 160/(2000 x 8/12)

r = 160/(4000/3)

r = 3/25

r = 0.12

Sherein answered Aug 28, 2022

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