Answer:
Rate is 2%
Step-by-step explanation:
Step one:
given data
Principal= $7500
Simple interest= $450
time=3 years.
Applying the simple interest formula which is
SI=PRT/100
Step two:
substitute we have
450=7500*R*3/100
cross multiply we have
45000=22500R
divide both sides by 22500
R=45000/22500
R=2%
