Answer:
23.75%
Step-by-step explanation:
Use formula
[tex]I=P\cdot r\cdot t,[/tex]
where
I = interest,
P = principal,
r = rate (as decimal),
t = time (in years).
In your case,
[tex]I=\$8,500\\ \\P=\$10,093.75\\ \\t=60\text{ months}=5 \text{ years}[/tex]
Substitute:
[tex]10,093.75=8,500\cdot r\cdot 5\\ \\r=\dfrac{10,093.75}{8,500\cdot 5}=0.2375=23.75\%[/tex]
