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Verified Answer :

FaithisLove35

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

Answer : The interest rate is, 8 %

Step-by-step explanation :

Given:

Principle = $2000

Simple interest (S.I) = $320

Time = 2 years

Now we have to determine the interest rate.

Formula used :

\(S.I=\frac{PRT}{100}\)

where,

P = principle  

R = interest rate

T = time

S.I = simple interest

Now put all the given values in the above formula, we get:

\(\$320=\frac{(\$2000)\times R\times (2)}{100}\)

\(R=\frac{\$320\times 100}{(\$2000)\times (2)}\)

\(R=8\%\)

Thus, the interest rate is, 8 %

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