Jake received a student loan for $12,000. He plans on paying off the loan and five years. At the end of five years, Jake will paid $3600 in interest. What is the simplest interest rate on the student loan?

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Jake received a student loan for $12,000. He plans on paying off the loan and five years. At the end of five years, Jake will paid $3600 in interest. What is the simplest intere…

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