# Jake received a student loan for $12,000. He plans on paying off the loan in 5 years. At the end of 5 years, Jake will have paid $3,600 in interest. What is the simple interest rate on the student loan?

##### 1 Answer

Apr 23, 2017

#### Answer:

The rate of Simple Interest is

#### Explanation:

The formula for calculating Simple Interest is:

To determine the rate of Simple Interest on Jake's student loan, we fill in the known variables.

Multiply both sides by

Divide both sides by