The interest rate is equal to 9 percent that I am paying
Simple Interest is equal to the product of one-hundredth of the principal amount, rate, and time.
As we know, I = P.A. × rate × year
By putting the values in the above equation, we get,
2250 = 1/100 × (5000 × rate × 5)
⇒ rate = 2250 × 100/(5000 × 5)
⇒ rate = 9 percent
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