Answer: 25%
Explanation:
The formula to calculate the simple interest is given as:
Interest = (Principal × Rate × Time) / 100
We then slot the values given into the formula
1125 = (1500 × Rate × 3)/100
Cross multiply
1125 × 100 = 4500 × Rate
Rate = 112500 /4500
Rate = 25
The interest rate is 25%.