Question

Katelyn's older brother borrowed money for school. He took out a loan
that charges 6% simple interest. He will end up paying 5720 in interest
after 6 years. How much did Katelyn's brother borrow for school?

Answer 1

Using simple interest, it is found that Katelyn's brother borrowed 15,889 for school.

Simple Interest

The amount of interest after t years in simple interest is modeled by:

$I(t) = Prt$

In which:

• P is the initial amount.

• r is the interest rate, as a decimal.

In this problem:

• He took out a loan that charges 6% simple interest, hence $r = 0.06$.

• He will end up paying 5720 in interest after 6 years, hence $t = 6, I(t) = 5720$

Then:

$I(t) = Prt$

$5720 = P(0.06)(6)$

$0.36P = 5720$

$P = \frac{5720}{0.36}$

$P = 15889$

Katelyn's brother borrowed 15,889 for school.

To learn more about simple interest, you can take a look at https://brainly.com/question/25296782