Question

$2200 at 7.5% for 3 1/4 year what is the interest rate

Answer 1

$536.25

Explanation:

First you find what 7.5% of $2200 is,

(2200/100)7.5=165

Then, you multiply 165 by 3 1/4 to find how much interest is accumulated over 3.25 years

165)3.25=536.25