Answered

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

Verified Answer :

SJ2006

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!

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