To solve for the monthly rate, we can use the formula for simple interest, which is: I=P\cdot r\cdot t
where:
- \( I \) is the interest earned,
- \( P \) is the principal amount,
- \( r \) is the monthly interest rate,
- \( t \) is the time in months.
Given: I=15,000.00 P=25,005.00 t=6.5 (assuming 1 month equals 30 days)
1. Substitute \( I \), \( P \), and \( t \) into the simple interest formula:
15,000 = 25,005 \cdot r \cdot 6.5
2. Rearrange the equation to solve for \( r \):
r = \frac{15,000}{25,005 \cdot 6.5}
3. Perform the computation:
r=\frac{15,000}{162,532.5}\approx0.0922892
4. Convert the decimal to a percentage:
r=9.22892\%
Answer: \( r \) is approximately 9.22892%.