Question

Joni borrowed money from her aunt and agreed to pay her 5% simple annual interest. At the end of 3 years, she owes $30 in interest. how much did jodi originally borrow? A. 150

B. 200
C.220
D. 300

Answer 1

B

Explanation:

Answer 2

Joni pays an annual interest of 5%. This means that in three years, the interest is 15%.

Assume that the amount Joni borrowed is m.
After three years, the interest is 30$.

This means that:
15% of the amount m = 30$
0.15m = 30
m = 30/0.15 = 200

Joni originally borrowed 200$