Question

Sylvio loaned a friend $1500 at a simple annual interest rate of 5%. How many years did it take Sylvio’s friend to repay him if Sylvio earned $225 in interest?
A. 2
B. 3
C. 5
D. 6
Please help me out :)

Answer 1

okay so first we have to find out what 5% of 1500 is

5% of 1500 = 75

so if we know sylvio paid 75 interest each year, and he paid 225 in total for interest, to find out how many years that took we just divide 225/75

that's 3, so it took 3 years and the answer is B

Answer 2

Answer:

Option B. 3 years.

Step-by-step explanation:

Sylvio loaned a friend $1,500 at a simple annual interest rate of 5%.

Formula of simple interest = I = P(rt)

I = Interest ($225)

P = Principal amount ( $1,500)

r = 5% = 0.05

t = time ( ? )

Now put the values to find the years.

225 = 1500( 0.05t)

225 = 75t

75t = 225

t = $\frac{225}{75}$

t = 3

It will take 3 years to repay him if Sylvio earned $225 in interest.