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

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