answer : 25.9%
Hilary Hu borrowed $4,500.00 to pay for a viola. She agreed to pay back $5,200.00 in 219 days.
Interest to be paid = 5200 - 4500 = $700
To find the rate we use simple interest formula
[tex]I =P*\frac{r}{100}*\frac{n}{360}[/tex]
I is the interest
P is the principal amount = 4500
r is the rate of interest
n is the number of days= 219
[tex]700 =4500*\frac{r}{100}*\frac{219}{365}[/tex]
[tex]700 = \frac{985500r}{36500}[/tex]
Multiply by 36500 on both sides
25550000= 985500 r
Divide by 985500
r = 25.92592
so interest rate is approximately = 25. 9%
