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ryzh [129]
3 years ago
6

Tom borrowed $35,000 to remodel his house. At the end of 5-year loan, he had repaid a total of $46,375. At what simple interest

rate did he borrow the money? How can I find the answer to this?
Mathematics
1 answer:
Wewaii [24]3 years ago
5 0
The formula for simple interest is <em>I</em> = <em>prt</em>, where <em>I</em> is the amount of interest, <em>p</em> is the principal borrowed, <em>r</em> is the interest rate written as a decimal number, and <em>t</em> is the amount of time in years.  First we find the amount of interest.  He borrowed $35000 but paid back $46375.  That means he paid 46375-35000 = $11375 in interest.  We can now substitute our information into our interest formula:
11375=35000(<em>r</em>)(5)
11375=35000(5)(<em>r</em>) ----- remember that multiplication is commutative
11375=175000<em>r</em>
Divide both sides by 175000 to cancel it:
11375/175000 = 175000<em>r</em>/175000
0.065 = <em>r</em>
To convert this to a percentage, we multiply by 100:
0.065(100) = 6.5%
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