Answer:
The answer is 5.7 %
Step-by-step explanation:
To find the rate given the principal , time and interest , we use the formula
[tex]r = \frac{100I}{pt} \\ [/tex]
where
p is the principal
t is the time
I is the interest
From the question
Principal = $1,250
Time = 4 years
Interest = $285
We have
[tex]r = \frac{285 \times 100}{4 \times 1250} = \frac{28500}{5000} = \frac{285}{50} \\ = 5.7[/tex]
We have the final answer as
5.7 %
Hope this helps you
