Respuesta :
Answer:
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
⇒ [tex]Rate=\frac{562.50}{1500 \times 5}\\\\ Rate=0.075[/tex]
Thus, rate = 0.075 = 0.075 × 100 = 7.5%
Thus, the annual interest rate is 7.5%
The annual intrest rate is the percentage rate at which the principal amount is borrowed on monthly bases. The annual intrest rate is 7.5 percent.
The annual intrest rate has to find out.
What is annual intrest rate?
The annual intrest rate is the percentage rate at which the principal amount is borrowed on monthly bases
Given information-
The principal amount [tex]p[/tex] is $1500.
The intrest amount [tex]i[/tex] is $562.50.
The number of years [tex]t[/tex] is 5.
The annual intrest rate can be find out using the following formula,
[tex]r=\dfrac{100\times i}{p\times t}[/tex]
Put the values in the above formula,
[tex]r=\dfrac{100\times 562.50}{1500\times 5}\\r=7.5[/tex]
Hence the annual intrest rate is 7.5 percent.
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