Clarissa signed a promissory note that stated the following.
Clarissa McKnight, do promise to pay Angela Mahoney the sum of $1, 250. Repayment is to be made in the form of 24 equal payments of $56.25 due on the tenth of each month, beginning July 10.
Determine the simple interest rate of the promissory note.
a. 3%
b. 4%
c. 2%
d. 1.5%