The interest rate for this loan is 5.5%.
The loan's simple interest rate can be found by the formula:
= Interest amount / Amount borrowed x 100%
The interest amount is:
= Loan future value - Amount borrowed
= 5,275 - 5,000
= $275
Loan simple interest rate:
= 275 / 5,000 x 100%
= 5.5%
The loan's simple interest rate is therefore 5.5%.
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