Question

Maxine borrowed $155 to buy a new bike. At the end of the year, she paid back the principal and $3.10 in interest. What was her simple interest rate?

Answer 1

B) 35x + 15 = 155

E) It will take 4 months to pay off the debt.

Hope this helps you!

Explanation:

Answer 2

The rate of simple interest is 2%

Explanation:

The Principal (P) amount borrowed = $155

Time = 1 year

The simple Interest after 1 year = $3.10

Let R = Rate of interest

Now, SIMPLE INTEREST =
`(P * R * T)/(100)`

⇒
`3.10 = (155 * R * 1)/(100)`

or, R = (3.10 x 100) / 155 = 310 / 155 = 2

⇒ R = 2%

Hence, the rate of simple interest is 2%