Answer:
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
P represents the principal or initial amount invested or collected as a loan.
R represents interest rate.
T represents the duration of time in years before the loan is bald back.
From the information given,
P = 1290
I = 5.75
Since there are 365 days in a year,
t = 65/365 = 0.1781 years
Therefore,
5.75 = (1290 × r × 0.1781)/100
5.75 = 229.749r/100 = 2.29749r
r = 5.75/2.29749
r = 2.5027
Rounding to the nearest percent,
r = 3%
Answer:
Step-by-step explanation:
