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Chapter 2: Q. 2.53 (page 127)

Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would pay $6,596.25 in interest over five years. How much did he borrow to pay for his car?

Short Answer

Expert verified

Eduardo borrowed $17590.

Step by step solution

01

Step 1. Expression to be used for the simple interest,

I=prt

Here, I=Interest

p=Amount borrowed

r=Rate of interest

t=Duration

02

Step 2. Substitute the values in the expression,

From the question,

I=6596.25

localid="1644445016717" r=7.5%=0.075

t=5years

6596.25=p脳0.075脳5

p=6596.250.375

p=$17590

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