Answer:
2.5% year
Step-by-step explanation:
Simple interest are generally practiced for short period loans, usually for less than one year. Simple interest have linear behavior.
Raul
[tex]I=Prn\Rightarrow 262.5=3000*r*3\frac{1}{2}\Rightarrow \frac{262.5}{3000}=\frac{3000}{3000}*r*3\frac{1}{2}\Rightarrow \frac{7}{80}=3\frac{1}{2}r\Rightarrow r=\frac{7}{80}:3\frac{1}{2}\Rightarrow r=\frac{1}{40}\Rightarrow r=0.025 \: or\:2.5\%[/tex]
