Loan amount = 9,500 monthly payments = 227.50, time of loan contract = 5 years. What's the true annual interest rate (to the nearest tenth)

12 monts in a year

227.5 per month

times 12 to find per year

227.5 times 12=2730

find percent

percent means parts out of 100 so

x%=x/100

2730/9500=x/100

multiply both sides by 9500

2730=95x

divide both sides by 95

28.736=x

tenh

28.7

answer is 28.7%