Mateo's sister Paid off her student loans $5000 in 30 years if she made a payment of $152.35 each month what was a simple interest rate for a way around it to the nearest hundred

3.23%.

Step-by-step explanation:

Please consider the complete question.

Mateo's sister Paid off her student loans $5000 in 3 years if she made a payment of $152.35 each month what was a simple interest rate for a way around it to the nearest hundred

Let us find total amount paid by Mateo's sister in 3 years.

1 year = 12 months

3 years = 12*3 months = 36 moths.

Now, we will use simple interest formula to solve our given problem.

, where,

A = Total amount after t years.

P = Principal amount,

r = Annual interest rate in decimal form,

Therefore, the interest rate was 3.23%.

step-by-step explanation:

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