Question

Mary borrows $5,000 dollars from her mother at a 3% simple interest rate and pays her $600 in interest after years. What is the value of ?

2
3
4
5

Answer 1

The time will be 4 years .

Step-by-step explanation:

Given :

Simple Interest = $600

Principle = $5,000

Rate = 3%

Time = ?

Formula for Simple Interest = P×R×T / 100

=> 5,000 × 3 × T / 100 = 600

=> T = 60,000 / 5,000×3

=> T = 60,000/15000

=> T = 4 years

Answer 2

4 years

Step-by-step explanation:

`\sf simple \ interest :(P * R *T)/(100)`

`\hookrightarrow \sf (5000*3*t)/(100) = 600`

`\hookrightarrow \sf {15000*t} = 600(100)`

`\hookrightarrow \sf t = (60000)/(15000)`

`\hookrightarrow \sf t = 4`