Simple interest

Question

What annual rate of simple interest was charged on a loan of $5,200.00 that was issued on October 28, 2014, if it accumulated $441.06 in interest by March 4, 2015?

Answer 1

A = 5.2(1+ r/n)^nt where n= number of compounding periods per year t = years r= annual rate of interest

"simple interest" though seems to mean no compounding at all.

127 days from Oct 28 to March 4, in a year with no Feb. 29th

127/365.25 = 0.3477 part of a year

441.06/0.3477 = 1270.0346 interest per year

1270.0346/5200 = about 24.4424% annual simple interest