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P= $2000.00 A= $2160.00 t= 2 years The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r​

P= $2000.00 A= $2160.00 t= 2 years The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r​
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P= $2000.00 A= $2160.00 t= 2 years

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r​

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User Anshu Kumar
by
8.8k points

1 Answer

4 votes

Answer:

interest = Amount-Principal= 2160-2000=160

Rate = Interest*100/(P*T)= 160*100/(2000*2)=4%

Explanation:

answered
User Jason Webb
by
8.6k points
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