Answer:
[tex]1\%[/tex]
Step-by-step explanation:
Simple interest (I) = $160
Principal amount (P) = $2000
Time period (t) = 8 months
Let R denotes rate of interest.
Relation between simple interest, principal amount, time and rate of interest is given by [tex]I=\frac{PRT}{100}[/tex]
[tex]160=\frac{2000(R)(8)}{100} \\\\160=160R\\R=1\%[/tex]
Answer:
12
Step-by-step explanation:
It would be: r = I * 100 / P * R
r = 160.67 * 100 / 2000 * 2/3
r = 16067*3 / 4000
r = 48201 / 4000
r = 12
