Answer:
28.6 %
Step-by-step explanation:
Principal = $3,500.00
Amount = $4,000.00
Simple Interest = Amount - Principal = $4,000.00-$3500.00=$500
Time = 180 days = [tex]\frac{180}{30 \times 12}[/tex] =0.5
Formula : [tex]S.I. = \frac{P \times R \times T }{100}[/tex]
Where P is principal
R is rate in Percent
T = time in years
Substitute the values:
[tex]500 = \frac{3500 \times R \times 0.5 }{100}[/tex]
[tex]\frac{500\cdot100}{3500\cdot0.5} =R[/tex]
[tex]28.6\% =R[/tex]
Hence he is paying 28.6 %
