If $1600 earned simple interest of $56.24 in 2 months, what was the simple interest rate? the simple interest rate is % (do not round until the final answer. then round to the nearest tenth as needed.)

Step-by-step explanation:

We know that for principal amount P , time period T and rate of interest , simple interest is given by .

Here ,

To find :  simple interest rate i.e.,

On putting values of in formula , we get

Now we need to round off the answer to the nearest tenth .

So, simple interest rate is % = =