What is the rate of simple interest if $1560 is earned on a $5000 after 3 years? Round to the tenth of a percent.

We use the formula $I=Prt$, where $I$ is the interest earned, $P$ is the principal, $r$ is the annual interest rate (as a decimal), and $t$ is the time in years. We know $I=1560$, $P=5000$, and $t=3$. Solving for $r$, we get:

\begin{align*}
I &= Prt \\
1560 &= (5000)(r)(3) \\
1560 &= 15000r \\
r &= \frac{1560}{15000} \\
r &= 0.104
\end{align*}

Therefore, the annual interest rate, expressed as a decimal, is 0.104. Converting to a percentage, we get:

$$r = 0.104 = 10.4\%$$

So the rate of simple interest is 10.4%, rounded to the nearest tenth of a percent.