Answer: 36%
Explanation:
The formula for simple interest is:
= (Principal × Rate × Time) / 100
Here, the principal = $357
Time = 6 years
Interest = $1,128.36 - $357 = $771.36
To calculate the rate goes thus:
Interest = PRT / 100
771.36 = (357 × R × 6) / 100
771.36 = 2142R / 100
Cross multiply
771.36 × 100 = 2142R
77136 = 2142R
R = 77136 / 2142
R = 36.01
Rate = 36%
Therefore, the interest rate is 36%
