Question

If an interest is $57.75, the principal $550, and the time 3 years, what is the interest rate

Answer 1

Interest rate = I * 100 / P * R
r = 57.75 * 100 / 550 * 3
r = 5775 / 1650
r = 3.5

So, your final answer is 3.5%

Hope this helps!