Question

What is the interest rate $2,200 at 7.5% for 3 1/4 years

Answer 1

$536.25

Explanation:

First, you need to find what 7.5% of $2,200 is,

(2200/100)7.5=165

then to find how much interest has accumulated over 3 1/4 year you need to multiply the one-year interest rate by the 3.25

(165)3.25=536.25