9514 1404 393
Answer:
2%
Step-by-step explanation:
The amount of interest is the difference between the total amount and the principal amount:
N88 -N80 = N8 . . . . the amount of interest
The interest amount is given by the formula ...
I = Prt
Solving for r, we find ...
r = I/(Pt) = 8/(80×5) = 1/50 = 2%
The rate of simple interest paid was 2%.
