Find the annual interest rate if i=$562.50, p=$1500, t=5 years

The annual interest  rate  is 7.5%

Step-by-step explanation:

Given : i=$562.50, p=$1500, t=5 years

We have to calculate the annual interest rate.

We know

Interest = Principal × rate × time

Given : Interest = $562.50

Principal = $1500

Time = 5 years.

Substitute, we get,

562.50 = 1500 × rate × 5

⇒

Thus, rate = 0.075 = 0.075  × 100 = 7.5%

Thus, the annual interest  rate  is 7.5%

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step-by-step explanation:

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