Answer:
simple interest rate r = 12.24%
Step-by-step explanation:
Given that:
The Principal amount= 335
amount to be paid back = 458
number of months (time) = 3 months
Simple Interest = Amount to be paid back - Principal amount
Simple Interest = 458 - 335
Simple Interest = 123
Simple Interest S.I = Prt/100
123 =( (335 × r × 3)/100)
123 = (1005r)/100
12300 = 1005 r
r = 12300/1005
r =12.24%
