Question

sam borrowed 5000 dollars at an 8% interest rate. he paid 1200 in total interest find the amount of time for which sam borrowed the money

Answer 1

Sam borrowed the money for 3 years.

Step-by-step explanation:

To find the amount of time for which Sam borrowed the money, we can use the formula:

Interest = Principal × Rate × Time

Given that Sam borrowed $5000 at an 8% interest rate and paid $1200 in total interest, we can substitute these values into the formula:

1200 = 5000 × 0.08 × Time

Simplifying the equation:

0.08 × Time = 1200 / 5000

Time = 1200 / (5000 × 0.08)

Time = 3 years