Exam 13: Simple Interest

Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent.​ ​

Nathan Edwards borrowed $2,500 for 60 days to buy new clothes after an apartment fire. From his insurance proceeds, Nathan repaid a total of $2,531.25, principal and interest. Compute the ordinary simple interest rate (360-day year) that was charged. (To nearest 1/10 of a percent.)