Wade takes a car to a title loan business to borrow some money. Wade is given $1,000.00. He must pay back the $1,000.00

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Wade takes a car to a title loan business to borrow some money.Wade is given $1,000.00. He must pay back the $1,000.00 in additionto a $500.00 fee in 7 months. What simple interest rate is he beingcharged?Round to the nearest tenth of a percent and don't forget toinclude a percent sign, %, in your answer.Wade is being charged a simply interest rate of ___ %