Answer:
The interest rate= 12.05%
Step-by-step 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:
12%
Step-by-step 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 :)
