Find the annual interest rate I=562.50, P=1,500, T=5 years

Hi there, 562.5=1500R (5), 562.5/5=1500 (R), 112.5=1500R. So, 112.5:1500=0.075, Therefore, the answer is 7.5%

The formula for calculating interest is

I=prt

Since you have values for I, r, and t, we can fill those in to solve for the rate.

562.50 = 1500 * r * 5

562.50 = 7500r

0.075 = r

0.075 converted into a percent is 7.5%

The annual interest rate is 7.5%