Nelda Brown borrowed $1,420 for 120 days to buy some new furniture for her office. At the due date, Nelda repaid a total of $1,448 . What was the exact simple interest rate (365-day year) that she paid on the loan? (To nearest 1/10 of a percent.)
$1,448 - $1,420 = $28 interest
R = I ÷ (PT) = $28 ÷ ($1,420 × 120/365) = 0.05998 or 0.06 = 6%
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