Answer: the simple interest rate for her loan is $484.6
Explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
P = principal or amount loaned.
R = interest rate on the loan
T = time in years
I = interest rate on the loan
From the information given,
Principal = $5000
Time = 3 years
she made a payment of $152.35 each month.
A year has 12 months
3 years has 36 months
Total amount paid after 3 years would be 153.35×36 = $5484.6
For simple interest,
Total amount = interest + principal or amount loaned. Therefore
5484.6 = 5000 + I
I = 5484.6 - 5000 = $484.6