Respuesta :
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.
[tex]\text{Amount paid in 36 months}=36\times \$152.35[/tex]
[tex]\text{Amount paid in 36 months}=\$5484.6[/tex]
Now, we will use simple interest formula to solve our given problem.
[tex]A=P(1+rt)[/tex], where,
A = Total amount after t years.
P = Principal amount,
r = Annual interest rate in decimal form,
[tex]5484.6=5000(1+r(3))[/tex]
[tex]\frac{5484.6}{5000}=\frac{5000(1+30r)}{5000}[/tex]
[tex]1.09692=1+3r[/tex]
[tex]1.09692-1=1-1+3r[/tex]
[tex]3r=0.09692[/tex]
[tex]r=\frac{0.09692}{3}[/tex]
[tex]r=0.032306=3.2306\%\approx 3.23\%[/tex]
Therefore, the interest rate was 3.23%.
