Answer: 5%
Explanation: Use the formula I=prt
Since we do not have the rate, but we have the interest, we plug in everything and try to solve for r (the rate).
480=(1600)(r)(6). To get r alone, we divide out the 6 and 1600. This leaves us with our answer to be r = 0.05. Although this is not in a percentage and we would need it to be, so we would have to multiply it by 100. This gives our percentage to be 5%.
