Answer:
14%
Explanation:
Using the formula for calculating Simple interest.
Simple interest = Principal × Rate × Time/100
Given Simple interest = $16.68
Principal = loan obtained = $580
Time (in years) = (75/365) year {we will convert days to year}
Rate (in %) = ?
On substituting to get the rate
16.68 = {580×R×(75/365})/100
16.68 = 580×R×75/365×100
16.68×36,500 = 580×R×75
608,820 = 43,500R
R = 608,820/43,500
R = 13.99℅
Rate ≈ 14%
The interest rate that was charged for the loan is approximately 14%