Rebecca obtained a loan of $580 for 75 days. At maturity, she paid $16.68 interest for this loan. Determine the interest rate that was charged for this loan.

14%

Step-by-step explanation:

Using the formula for calculating Simple interest.

Simple interest = Principal × Rate × Time/100

Given Simple interest = $16.68

Principal = loan obtained = $580

Time (in years) = (75/365) year {we will convert days to year}

Rate (in %) = ?

On substituting to get the rate

16.68 = {580×R×(75/365})/100

16.68 = 580×R×75/365×100

16.68×36,500 = 580×R×75

608,820 = 43,500R

R = 608,820/43,500

R = 13.99℅

Rate ≈ 14%

The interest rate that was charged for the loan is approximately 14%

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