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Miguel borrowed money from a credit union for 2 years and was charged simple interest at an annual rate of 8%. The total interest that he paid was 480 . How much money did he borrow?
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8 votes
Miguel borrowed money from a credit union for 2 years and was charged simple interest at an annual rate of 8%. The total interest that he paid was 480 . How much money did he borrow?

User Pking
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2 Answers

7 votes
$3,000 is how much he borrowed
User Oliveroneill
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4.9k points
12 votes

Answer:

he borrowed $3000

User KADEM Mohammed
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5.0k points
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