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NEED HELP ASAP PLEASE Sue bought a six-month CD for $2000.She said that at maturity it paid $85.00 in interest. Assume that this was simple interest, and determine the APR. ______%
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NEED HELP ASAP PLEASE

Sue bought a six-month CD for $2000.She said that at maturity it paid $85.00
in interest. Assume that this was simple interest, and determine the APR.
______%

User Hamid Shahid
by
7.4k points

1 Answer

3 votes

Answer:

8.5%

Explanation:

I=PRT

85= 2000*r*0.5

85=1000r

0.085=r

8.5%

User Lemmerich
by
8.4k points
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