Ask Question
21 June, 18:17

Mateo sister paid off her student loan of $5000 in three years. Is she made a payment of $152.35 each month what was the simple interest rate for her loan

+3
Answers (1)
  1. 21 June, 18:19
    0
    Answer: the simple interest rate for her loan is $484.6

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    P = principal or amount loaned.

    R = interest rate on the loan

    T = time in years

    I = interest rate on the loan

    From the information given,

    Principal = $5000

    Time = 3 years

    she made a payment of $152.35 each month.

    A year has 12 months

    3 years has 36 months

    Total amount paid after 3 years would be 153.35*36 = $5484.6

    For simple interest,

    Total amount = interest + principal or amount loaned. Therefore

    5484.6 = 5000 + I

    I = 5484.6 - 5000 = $484.6
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Mateo sister paid off her student loan of $5000 in three years. Is she made a payment of $152.35 each month what was the simple interest ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers