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30 November, 21:39

The interest on $2,000 for 2 years is $320. What is the simple interest rate?

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  1. 1 December, 00:31
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    R = 8%/year

    Equation:

    r = (1/t) (A/P - 1)

    Calculation:

    Solving our equation:

    r = (1/2) ((2320/2000) - 1) = 0.08

    r = 0.08

    Converting r decimal to R a percentage

    R = 0.08 * 100 = 8%/year

    The interest rate required to get a total amount, principal plus interest, of $2,320.00 from simple interest on a principal of $2,000.00 over 2 years is 8% per year.
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