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Popular Word Problems >

Sanjay borrowed 7,000 at a simple interest rate of 3% per year. After a certain number of years he had paid 840 in interest altogether. How many years was that?

Solution

S anja y b orro w e d 7, 000 a t a s im pl e in t eres t r a t e o f 3% p er ye a r . A f t er a cer t ain n u mb er o f ye a rs h e ha d p ai d 840 in in t eres t a lt o g e t h er . Ho w man y ye a rs w a s t ha t ?

Solution

Time : 4

Solution steps

Translate the problem into an equation:

840 = 7000 \cdot 0.03 t

Solve for

t, 840 = 7000 \cdot 0.03 t : t = 4

Time : 4

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