Question

Three years ago, Claire borrowed money from her father to pay for a class trip. She agreed to pay 6% simple annual interest on the loan. Now she owes him $90 in interest, plus the principal amount. How much did Claire borrow?

Answer 1

500

Explanation:

Answer 2

Claire borrowed $500 from her father.

Explanation:

Interest = $90

p = ?

r = 6% or 0.06

t = 3

Simple interest formula is :

`I=p* r* t`

Putting values in formula we get;

`90=p*0.06*3`

`90=0.18p`

p = $500

Hence, Claire borrowed $500 from her father.