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Suppose Joe lends Maxine $ 750 for the year. At the end of the year, Maxine repays Joe the $ 750 plus an additional payment

Suppose Joe lends Maxine $ 750 for the year. At the end of the year, Maxine repays Joe the $ 750 plus an additional payment of $112.50 for the use of Joe's money during the year.

Assuming there is no inflation during the year, what is the interest rate Maxine pays Joe?

a.0.15%

b.1.5%

c.15%

d.115%

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