Mary borrows $5,000 dollars from her mother at a 3% simple interest rate and pays her $600 in interest after t years. What is the value of t? 2 3 4 5

Question

asked Sep 2, 2020 202k views

1 Answer

Tsandy · Answer 1 · 2020-09-08T07:49:58+0000

Answer:

4

Explanation:

The simple interest per year is 3% times $5000 which is 150 dollars.

Now, we have the equation 150x = 600.

We solve and get x = 4