Originally Posted by

**diehardmath4** 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 ?