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AUFEXC4 11.1.041.
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ASK YOU
The simple interest charged on a 3-month loan of $62,000 is $499. Find the simple interest rate. (Round your answer to one decimal place.)

Helpp Does anyone know how to do this? Thxxx

So we’ll use the interest formula but rearrange it to get the rate of interest:

I=Prt —-> r=I/Pt

We know the principal amount $62000
We also know the interest amount $499 in 3 months, which is our time (t)

Plug in the values: r=499/62000(3)
= 3.2194%

The question asks to round to one decimal so your true answer will be:

3.2% interest rate

Where is the diagram