Answer:
The annual rate of interest on the musician's loan for the trumpet is approximately 12%.
Explanation:
To find the annual rate of interest, we can rearrange the formula for simple interest, I = Prt, to solve for the interest rate (r).
Given that the principal (P) is $2,200, the time (t) is 3 years, and the total interest (I) is $792, we can substitute these values into the formula:
792 = 2200 * r * 3
To solve for r, divide both sides of the equation by (2200 * 3):
r = 792 / (2200 * 3)
r ≈ 0.12
To express the interest rate as a percentage, we multiply r by 100:
r * 100 ≈ 0.12 * 100 ≈ 12
Therefore, the annual rate of interest on the musician's loan for the trumpet is approximately 12%.