Answer :
The annual rate of interest if the interest amount of $585 will be 3.25%.
What is simple interest?
Simple interest is the concept that is used in many companies such as banking, finance, automobile, and so on.
The interest is given as
I = (P × R × T) / 100
Where, P is the initial amount, R is simple interest rate, and T is the time.
Jack borrowed $4000.00 and paid $585.00 in simple interest from after 4 years six months.
4 years six months = 4.5 years
Then the interest rate will be
585 = (4000 × R × 4.5) / 100
R = 585 /(40 x 4.5)
R = 3.25%
More about the simple interest link is given below.
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