Answer: 3.5%
Step-by-step explanation:
Interest = PRT / 100
where,
P = Principal = 140,000
R = Rate = Unknown
T = Time = 15
Interest = 213500 - 140000 = 73500
We then slot in the values into the formula
Interest = PRT / 100
73500 = (140,000 × 15 × R) / 100
73500 × 100 = 2100000R
7350000 = 2100000R
Rate = 7350000 / 2100000
Rate = 3.5%
