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?
will mark brainliest

Answer 1

Answer:

6.5 years

Step-by-step explanation:

Simple interest formula:  $A=P(1+rt)$

where:

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

Given:

• $A = 7500 + 1462.50 = 8962.50$
• $P = 7500$
• $r = 3\% = 0.03$

$\implies 8962.5=7500(1+0.03t)$

$\implies t=\dfrac{100}{3}\left(\dfrac{8962.5}{7500}-1\right)$

$\implies t=6.5$

Therefore, she borrowed the money for 6.5 years