I=$1,500 P=$45,000 T=3.5 years Find R
We can use the formula:
I = P x R x T
where I is the amount of interest, P is the principal, R is the interest rate, and T is the time period.
Substituting the given values, we get:
$1,500 = $45,000 x R x 3.5
Simplifying:
R = $1,500 / ($45,000 x 3.5)
R = 0.0095 or 0.95%
Therefore, the interest rate is 0.95%.