Given the formula for simple interest: i=Prt, answer the following.
(Remember, i=interest, P=the principal amount, r=the interest rate per year as a decimal, t=time in years)
If the interest paid was $37.50 on a principal of $1500 for 6 months, what was the interest rate?
Give a numeric answer only with the percentage rate (NOT the decimal rate). Do not include work, units, or explanation. If necessary, round your answer to the nearest hundredth.