Question

You borrow $3000 (principal) for 4 years and pay a 9% interest rate. How much interest do you pay?

Please explain your anwser!!

Answer 1

Hello there, your answer would be 270

Explanation:

To get the solution, we are looking for, we need to point out what we know.

We assume, that the number 3000 is 100% - because it's the output value of the task.

so that x is the value we are looking for.

If 3000 is 100%, so we can write it down as 3000=100%.

We know that x is 9% of the output value, so we can write it down as x=9%.

Now we have two simple equations:

3000=100%

x=9%

where left sides of both of them have the same units, and both right sides have the same units, so we can do something like that:

3000/x=100%/9%

Now we just have to solve the simple equation, and we will get the solution we are looking for.

Solution for what is 9% of 3000

- we multiply both sides of the equation by x and - we divide both sides of the equation by x

now we have:

9% of 3000=270

So, the answer is 270