Question

Rita borrowed $7500 at an interest rate of 3%. The interest paid is $1462.50. For how many years did she borrow the money?​

Answer 1

Answer: 6.5 years

Explanation:

the formula for simple interest is:

SI = PRT, SI is the interest after a time, P is the principle amount, R is the rate, and T is the time passed

In our case:

1462.50 = 7500 x 0.03 x T

Solving for T:

1462.50 = 225T

.: T = 1462.50/225 = 6.5 years

She borrowed the money for 6.5 years