Answer:
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%.