a 150-day loan for $2,500 has interest of $57. Find the rate to the nearest tenth of a percent.

Question

a. 3.2%
b. 24.4%
c. 10.4%
d. 5.5%

Please walk me through on how you got the answer. I have tried, and can not figure it out.

Answer 1

I = PRT

57 = 2,500 * R * 0.4167

57 = 1041.665R

0.0547 = 5.5% = R