Answer:
6%
Step-by-step explanation:
We have to calculate the interest rate in the note, we must follow the following steps, calculate the amount of time remaining from the year 2021, as follows:
interest is for 5 months i.e. from Aug 01 to Dec 31 for year 2021 , so it means it would be 5/12 months.
We have to calculate the interest as follows:
I = P * R * T
We replace:
200 = 8000 * R * 5/12
we solve for R
200 * 12/5 = 8000 * R
R * 8000 = 480
R = 480/8000
R = 0.06
Which means that the interest rate on the note is 6%
