Answer
7.5%
Work Step by Step
We know that Interest=$I=P*r*t$:
$262.50=3500\displaystyle*r*1$
We solve for $r$:
$r=\frac{262.5}{3500}=0.075$ or 7.5% interest rate.
College Algebra 7th Edition
by Stewart, James; Redlin, Lothar; Watson, Saleem
Published by
Brooks Cole
ISBN 10:
1305115546
ISBN 13:
978-1-30511-554-5
Chapter P, Prerequisites - Section P.9 - Modeling with Equations - P.9 Exercises - Page 70: 27
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