Leo paid \$2400 in interest on an amount borrowed for 10 years at a 4% annual simple interest rate. How much did Leo borrow?
Leo paid \$2400 in interest on an amount borrowed for 10 years at a 4% annual simple interest rate. The amount he borrowed was \$6000. 2400 = P * .04 * 10 2400 = P * .4 P = 2400 /.4 P = 6000
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Question
Updated 12/14/2015 6:06:14 AM
Edited by debnjerry [12/14/2015 6:06:12 AM], Confirmed by debnjerry [12/14/2015 6:06:14 AM]
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Simon invested \$1550 at 6.5% interest. He earned \$302.25 interest at the end of t years. What is the value of t? A. 1 B. 3 C. 6 D. 9
Question
Updated 12/14/2015 6:16:12 AM
Simon invested \$1550 at 6.5% interest. He earned \$302.25 interest at the end of t years. The value of t is 3.
302.25 = 1550 * .065 * t
302.25 = 100.75 * t
t = 302.25/100.75
t = 3
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