Calculate Sid's effective interest rate.

Note: When calculating, round the Time Factor to $3$ decimal places, and round the Effective Annual Interest Rate to $2$ decimal places $($formatted as a percent$).$ Use a $360-$day year.

Hint: You already know the formula to calculate interest is Principal X Rate X Time $=$ Interest

With a tiny bit of algebra, you can use the sect formula to solve for the RATE:

Principal X Rate X Time $=$ Interest

D Rate $=$ Interest $/$ Principal $/$ Time

or

$$Interest $/$ Principal $/$ Time $=$ Rate