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Chapter 3: Q. 3.42 (page 327)

Hang borrowed \(7500from her parents to pay her tuition. In 5years, she paid them \)1500interest in addition to the $7500 she borrowed. What was the rate of interest?

Short Answer

Expert verified

Hang borrowed $7500 from her parents to pay her tuition. In 5years, she paid them $1500 interest then the rate of interest was4%

Step by step solution

01

Step 1. Given information  

principalP=$7500

Simple InterestI=$1500

Timet=5

02

Step 2. Interest rate 

Consider the interest rate is r

Substitute principal, simple interest, and time in Simple interest formula

I=Prt1500=(7500)(i)(5)1500=37500i150037500=i0.04=ii=4%

So the interest rate was4%

03

Step 3. Verification 

With an interest rate of 4% and a time of 5years, $ 1500is the simple interest of the principal

I=Prt1500=P(0.04)(5)1500=0.20P15000.20=7500

Principal is7500

so the interest rate4%is correct.

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