It is 8%
9% means 9/100 = 0.09 0.09 * $2000.00 = $180.00 in simple interest for one year =============================
Company has paid 2000 cash for interest due to which interest payable reduced by 2000.
It is 240 currency units.
The interest rate would end up being 9% after you do all the calculations.
50% interest if you settle 0-6 months 65% interest if you settle 6-12 months so if you borrow $2000 you pay $3000 if you settle within 6 months or $3300 in more than 6 months
A : the Total P : the amount you started with i : interest rate as a decimal (5÷100= 0.05) n : the investment period in years A= P(1+i.n) A= 2000(1+(0.05×8)) A= 2800
Multiply the principal (P) by the annual* interest rate as a decimal (r) and the time in years* (t). *The time period may be expressed in months, etc. For example, $2000 invested at 7% simple interest for 5 years: I = Prt = 2000x0.07x5 = 140x5 = $700.
if its simple interest: I = prt = 240 the total money to be returned is 2240