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Popular Word Problems >

April wants to borrow 1000 from her father and is willing to pay 15 in interest. Her father wants to charge an interest rate of 6%. How long can April keep the money?

Solution

A p r i l w an t s t o b orro w 1000 f ro m h er f a t h er an d i s w i ll in g t o p a y 15 in in t eres t . Her f a t h er w an t s t o c ha r g e an in t eres t r a t e o f 6%. Ho w l o n g c an A p r i l k ee p t h e m o n ey ?

Solution

Time : \frac{1}{4}

Solution steps

Translate the problem into an equation:

15 = 1000 \cdot 0.06 t

Solve for

t, 15 = 1000 \cdot 0.06 t : t = \frac{1}{4}

Time : \frac{1}{4}

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