problem:
Dena borrowed $7500 to buy a used car. The credit union charged 9%(percent it looks kind of funny) simple intrest per year. She paid $2025 in interest. For what period of time did she borrow the money.
It would be 3 years. Get how much they charge her per year which is 7500 times .09 (9% in decimal) that gives you 675. Then you divide 2025 by 675 (the amount per year) and you will get 3 years.
Hope that helps!
2 answers
3 Years.
Think about it this way: I = P*r*t (The * symbol means multiply. (Parentheses are also used for multiplying) The I is the simple interest (money paid only on the principal). The P is the principle (amount of money borrowed or invested). The r is the rate of interest (the percent charged or earned). The t is time (usually in years, but it may be in months)).
So, your equation should look like this:
2,025 = (7,500) (9%) t
Step One: Multiply 7,500 and 9% (I would use a calculator)
You should get 675
You now have this:
2,025 = 675t
(675t is the same as 675*t, or 675 multiplied by t)
Step Two: divide 675 from 675 and 2,025; this should cancel out the 675 in the equation (yet leaving the t), making it look like this:
3 = t
(The 3 is what you should get when you divide 2,025 by 675)
Therefore, you're answer is 3 years
So, your equation should look like this:
2,025 = (7,500) (9%) t
Step One: Multiply 7,500 and 9% (I would use a calculator)
You should get 675
You now have this:
2,025 = 675t
(675t is the same as 675*t, or 675 multiplied by t)
Step Two: divide 675 from 675 and 2,025; this should cancel out the 675 in the equation (yet leaving the t), making it look like this:
3 = t
(The 3 is what you should get when you divide 2,025 by 675)
Therefore, you're answer is 3 years
1 answer