Calculate the rate (to the nearest hundredth percent) for a $15,000 60-day simple interest note that cost $72.25 in interest. Use ordinary interest.
Fill in the blank(s) with the appropriate word(s).
2.89%
R = I ÷ (PT)
R = 72.25 ÷ (15,000 × 60 ÷ 360) = 2.89%
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