#### Answer

7.5%

#### Work Step by Step

We know that Interest=$I=P*r*t$:
$262.50=3500\displaystyle*r*1$
We solve for $r$:
$r=\frac{262.5}{3500}=0.075$ or 7.5% interest rate.

Published by
Brooks Cole

ISBN 10:
1305115546

ISBN 13:
978-1-30511-554-5

7.5%

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