Kyle Winston borrowed $4,00 . for 90 days. At the due date, he paid $75 interest and repaid all of the principal. What was the ordinary simple interest rate (360-day year) that was charged on the loan? (To nearest 1/10 of a percent.)
R = I ÷ (PT) = $75 ÷ ($4,00 . × 90/360) = 0.075 = 7.5%
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