Question

What is the interest rate of this? I=160 P= 2000 t= 8 months

Answer 1

The interest rate= 12.05%

Explanation:

The interest rate= 12.05%. I added the steps down below to help you understand.

Steps:

1: I=$160.67

2: p= $2000

3: t= 8 months = 8/12 = 2/3 years. I=prt

4: 160.67 = 2000.r. 2/3 Substitute

5: 160.67 = 4000/3r Multiply

6: 3/4000 .160.67= 3/4000 . 4000/3r Multiply both sides by 3/4000

The interest rate= 12.05%

Answer: 12.05%

Hope this helps.

Answer 2

12%

Explanation:

Your equation would be 160=2000xRx2/3 (8 months=2/3

First, multiply 2000x2/3 which equals 1333.33

So now we have 160=1333.33r

Second, divide 160 by 1333.33 which equals 0.1200003

Lastly, move the decimal two spots over to get your percent which is 12%

Hope this helped :)