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Popular Word Problems >

Rebecca and Peter borrowed 2500 at a simple interest rate of 7% for a period of 3 years. What was the interest?

Solution

R e b ecc a an d P e t er b orro w e d 2500 a t a s im pl e in t eres t r a t e o f 7% f or a p er i o d o f 3 ye a rs . Wha t w a s t h e in t eres t ?

Solution

Interest : 525

Solution steps

Translate the problem into an equation:

I = 2500 \cdot 0.07 \cdot 3

Simplify

I = 2500 \cdot 0.07 \cdot 3

Interest : 525

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