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scott took out a 72 month loan for $35,000 to purchase a new boat. if scott paid $8925 in simple interest, what is the interest rate?

I=PRT
I=Interest
P=principal
R=rate in decimal
T=time in years

1year=12months
72months/12months=6 years
t=6

given
I=8925
P=35000
R=r
T=6

8925=35000*r*6
8925=210000*r
divide both sides by 210000
0.0425=r

the interest rate is 4.25%

We know, Interest rate = P * R * T / 100

Here, Interest (I) = 8925
Principle rate (P) = 35,000
Time (T) = 72 months = 72/12 = 6 years
Rate (R) = ?

Substitute their values into the expression:
8925 = 35000 * R * 6 / 100
R = 8925 * 100 / 35000 * 6
R = 892500 / 210000
R = 4.25%

In short, Your Final Answer would be 4.25%

Hope this helps!

You can find it by multiplying the areas it show u