Question

Deandre borrowed money from a credit union for 5 years and was charged simple interest at an annual rate of 7%. The total interest that he paid was $1400.

How much money did he borrow?
If necessary, refer to the list of financial formulas.
$0 please tell me how much money he borrowed

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$1400\\ P=\textit{original amount deposited}\\ r=rate\to 7\%\to (7)/(100)\dotfill &0.07\\ t=years\dotfill &5 \end{cases} \\\\\\ 1400 = (P)(0.07)(5) \implies \cfrac{1400}{(0.07)(5)}=P \implies 4000=P`