The rate for the loan is approximately 7.07%.
To find the rate (in %) for the loan, we can use the simple interest formula:
Interest = Principal × Rate × Time
In this case, the principal is $376, the rate is 6% (0.06 in decimal form), and the time is 60 days.
Using the formula:
Interest = $376 × 0.06 × 60
Interest = $26.72
Now, to find the rate (in %), we can use the following formula:
Rate (%) = (Interest) / (Principal) × 100
Rate (%) = ($26.72) / ($376) × 100
Rate (%) ≈ 7.07%
So, the rate for the loan is approximately 7.07%.