We will use the next formula
[tex]I=P\cdot r\cdot t[/tex]Where
P is the principal
r is the rate
t is the time
I is the interest
we have the next information
P=14,500
t=2
I=2320
we substitute in the formula
[tex]2320=14500(r)(2)[/tex]We isolate the rate
[tex]r=\frac{2320}{14500(2)}=0.08[/tex]The rate of interest is 8%
ANSWER
the rate of interest did he pay is 8%
