Question

Lisa borrowed money at a 6% simple interest rate. IF she paid back a total of $8000 at the end of 10 years, how much did she originally borrow?

Answer 1

5000

Explanation:

X = money borrowed

supposing that the 6% is a yearly interest, every year she has to add 6% of X to the original amount X

we can write this as

X + 10*6/100X = 8000

X + 6/10 X = 8000

X + 3/5X = 8000

8/5X = 8000

X = 8000*5/8 = 5000