The annual $3600 membership fee at the oak meadows golf club is due at the beginning of the year. Instead of a single "lump" payment, a member can pay $1600 at the start of the year and defer the $2000 balance for five months by paying a $75 surcharge at the time of the second payment. Effectiely, what annual rate of simple interest is oak meadows charging on the $2000 deferred payment?
P = 3600
r = ?
t = 5/12
I = 2000
did i plug in the correct numbers into the formula ?