Answer:
The percentage rate per annum is 2.8%
Explanation:
We need to multiply the principal by the time, then divide the interest by the product of P×T, so:
1,600 × 5 = 8,000
224 ÷ 8,000 = 0.028
Then we convert our final product to a percentage.
0.028 to a percent is 2.8%