Answer: the interest rate is 3%
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the amount invested.
P represents the principal or amount invested.
R represents interest rate
T represents the duration of the investment in years.
From the information given,
P = $6100
Interest = total amount earned - principal. Therefore,
I = 6191.50 - 6100 = $91.5
T = 6 months = 6/12 = 0.5 year
Therefore,
91.5 = (6100 × R × 0.5)/100
91.5 = 30.5R
R = 91.5/30.5
R = 3%
