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Sagot :
The Interest Rates are 2% and 5% respectively
What is Simple Interest?
Simple interest is a quick and straightforward way to calculate the interest on a loan. Simple interest is calculated by multiplying the daily interest rate by the principle multiplied by the number of days between payments.
Solution:
Let, the lesser interest rate be x
Simple Interest = Principal*Time*Rate/100
Total Interest = $166
166 = 2300*x*1/100 + 2400*(x + 3)*1/100
166 = 2300x + 2400x + 7200 / 100
16600 = 4700x + 7200
9400 = 4700x
x = 2%
and the Higher Interest Rate = 5%
To learn more about Simple Interest from the given link
https://brainly.com/question/25793394
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