Answer:
Rate = 4%
Step-by-step explanation:
Simple interest = (principal × rate × time) / 100
Principal = $399.00
Rate = ?
Time = 2 years
Interest = $31.92
Simple interest = (principal × rate × time) / 100
31.92 = (399 * x * 2) / 100
31.92 = 798x / 100
Cross product
31.92 * 100 = 798x
3192 = 798x
x = 3192 / 798
x = 4%
Rate = 4%
