If the simple interest on $2000 for 2 years is $320, then what is the interest rate?

Question

Twiggy

Mathematics

17 January, 01:57

If the simple interest on $2000 for 2 years is $320, then what is the interest rate?

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Answers (1)

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Jamar Stuart · Answer 1

It would be 20, because you have to divide 320 by 2 which equals $160 for 1 year and then divide that by 2 again would be $80 for 6 months then divide it by 2 again which would be $40 and 3 months for it then divide it by 2 again and 1 and a half months equal $20