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Arthur's brother wants to borrow some money. Arthur decided to lend him $1000 at 2% simple interest. If the loan will cost his brother $50, how much time does he have before he has to pay Arthur back. (See Example 2 in your notes.)

a
2 years
b
2.5 years
c
3 years
d
3.5 years

Sagot :

Answer:

2.5

Step-by-step explanation:

Answer: b. 2.5 years

Step-by-step explanation:

The formula for Interest is:

= principal × rate × time

Then, we slot in the values given which will be:

Interest = principal × rate × time

50 = 1000 × 2% × Time

50 = 1000 × 0.02 × Time

50 = 20 × Time

Time = 50/20

Time = 2.5 years

He has 2.5 years to pay back

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