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Popular Word Problems >

Hans borrowed money from a credit union for 2 years and was charged simple interest at an annual rate of 9 percent. The total interest that he paid was 126\$. How much money did he borrow?

Solution

H an s b orro w e d m o n ey f ro m a cre d i t u ni o n f or 2 ye a rs an d w a s c ha r g e d s im pl e in t eres t a t an ann u a l r a t e o f 9 p erce n t . T h e t o t a l in t eres t t ha t h e p ai d w a s 126$. Ho w m u c h m o n ey d i d h e b orro w ?

Solution

Amount : 148.68

Solution steps

Translate the problem into an equation:

A = 126 (1 + 0.09 \cdot 2)

126 (1 + 0.09 \cdot 2) = 148.68

Amount : 148.68

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