So we’ll use the interest formula but rearrange it to get the rate of interest:
I=Prt —-> r=I/Pt
We know the principal amount $62000
We also know the interest amount $499 in 3 months, which is our time (t)
Plug in the values: r=499/62000(3)
= 3.2194%
The question asks to round to one decimal so your true answer will be:
3.2% interest rate
