# Jake received a student loan for $12,000 he plans on paying off a loan in five years.At the end of five years,Jake will have paid 3,600 in interest.What is the simple interest rate on the student loan?

##### 1 Answer

Jan 25, 2018

Rate of interest

#### Explanation:

I = Interest, p = Principal, n = Period in years, r = Rate of Interest %

Given