Answered

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Mary borrows $5,000 dollars from her mother at a 3% simple interest rate and pays her $600 in interest after years. What is the value of ?
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Sagot :

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Answer:

4 years

Explanation:

[tex]\sf simple \ interest :\dfrac{P * R *T}{100}[/tex]

[tex]\hookrightarrow \sf \dfrac{5000*3*t}{100} = 600[/tex]

[tex]\hookrightarrow \sf {15000*t} = 600(100)[/tex]

[tex]\hookrightarrow \sf t = \dfrac{60000}{15000}[/tex]

[tex]\hookrightarrow \sf t = 4[/tex]

Answer:

The time will be 4 years .

Step-by-step explanation:

Given :

Simple Interest = $600

Principle = $5,000

Rate = 3%

Time = ?

Formula for Simple Interest = P×R×T / 100

=> 5,000 × 3 × T / 100 = 600

=> T = 60,000 / 5,000×3

=> T = 60,000/15000

=> T = 4 years

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