Question

Item 9 Find the annual interest rate. I=$562.50, P=$1500, t=5 yearsI=$562.50, P=$1500, t=5 years The annual interest rate is %.

Answer 1

Hi there :-)
The formula of the simple interest is
I=prt
your question ask to find r which is interest rate you do that by dividing each side by (pt) to get
R=I÷pt
Now solve to get the interest rate
R=562.5÷(1,500×5)
R=0.075×100 multiply by 100 to get it as percentage
R=7.5%

Hope it helps:-)