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

semsee45

Answer:

6.5 years

Step-by-step explanation:

Simple interest formula:  [tex]A=P(1+rt)[/tex]

where:

  • [tex]A[/tex] = final amount
  • [tex]P[/tex] = principal amount
  • [tex]r[/tex] = annual interest rate (as a decimal)
  • [tex]t[/tex] = time (in years)

Given:

  • [tex]A = 7500 + 1462.50 = 8962.50[/tex]
  • [tex]P = 7500[/tex]
  • [tex]r = 3\% = 0.03[/tex]

[tex]\implies 8962.5=7500(1+0.03t)[/tex]

[tex]\implies t=\dfrac{100}{3}\left(\dfrac{8962.5}{7500}-1\right)[/tex]

[tex]\implies t=6.5[/tex]

Therefore, she borrowed the money for 6.5 years

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