Question

Interest: $160.67
Principal: $2000
Rate:
%
Time: 8 months

Answer 1

12.05%

Explanation:

First, converting R percent to r a decimal

r = R/100 = 12.050249999994%/100 = 0.12050249999994 per year,

then, solving our equation

I = 2000 × 0.12050249999994 × 0.666666666667 = 160.67

I = $ 160.67

The simple interest accumulated

on a principal of $ 2,000.00

at a rate of 12.050249999994% per year

for 0.666666666667 years is $ 160.67.