Bill F. answered • 11/10/13

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So you probably know the following formula:

I = p • r • t

So , just plug in the values that you have and solve for r

250 = 2000 • r • 2

multiply the 2000 times 2

250 = 4000 • r

divide both sides by 4000 to get r by itself

Thus,

.0625 = r

Therefore, the rate is 6.25% (you multiply the decimal answer by 100 to make it a percentage)

Bill

El Paso, TX