Answer:
7%
Step-by-step explanation:
Given data
Principal= $3600
Time= 2 years
SImple interest= $504
The expression for the simple interest is given as
SI= PRT/100
We want to find the rate R
504= 3600*R*2/100
cross multiply'
504*100= 3600*R*2
50400= 7200R
divide both sides by 7200
R= 50400/7200
R= 7%
Hence the rate is at 7%
