Answered

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Jake received a student loan for $12,000. he plans on paying off the loan in five years,jake will have paid $3600 in interest. what is the simple interest rate on the student loan?

Sagot :

SlowZasob
If Jake receive $12,000 and he will have to pay $3,600 as an interest rate, then he will need to give $12,000 + $3,600 = $15,600 overall. But to find the interest rate we need to find out how many percent of $12,000 is $3,600:

12,000 * x% = 3,600
12,000 * x/100 = 3,600          / * 100 (both sides)
12,000 * x = 360,000            / ÷ 12,000 (both sides)
x = 30

Doublecheck:

12,000 * 30% =
= 12,000 * 30/100 =
= 12,000 * 3/10 =
= 36,000/10 =
= 3,600

So it's correct.

Answer: The interest rate is 30%.
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