Question

P= $2000.00 A= $2160.00 t= 2 years

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r​

Answer 1

interest = Amount-Principal= 2160-2000=160

Rate = Interest*100/(P*T)= 160*100/(2000*2)=4%

Explanation: