Answer:
=6.25%
Explanation:
Simple interest can be calculated using the below formula
I=prt/100
=Interest
P=Principal
R=Rate
T=Time
T=6 yrs
R=3/8
Making R subject of the formula
R=(I ×100)/PT
Substitute the values
=(3/2 P×100)/P×6
The "P" in the numerator cancelled out the "P" in denominator then we have
=(3/2×100)/6
=6.25%
Hence the rate is 6.25%
