Question: Tom took out a $ 2 0 , 0 0 0 loan for 1 4 6 days and was charged simple interest. The total interest

Tom took out a $20,000 loan for 146 days and was charged simple interest. The total interest he paid on the loan was $488.
As a percentage, what was the annual interest rate of Tom's loan?
Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas.
Tom took out a $20,000 loan for 146 days and was

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