Tom borrowed $35,000 to remodel his house. At the end of the 5-year loan, he had repaid a total of $46,375. At what simple interest rate did he borrow the money?

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04-05-2017
Mathematics

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Tom borrowed $35,000 to remodel his house. At the end of the 5-year loan, he had repaid a total of $46,375. At what simple interest rate did he borrow the money?

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tayyrenee21 tayyrenee21 · Answer 1 · 2017-05-04T22:45:41+02:00

tayyrenee21 tayyrenee21

04-05-2017

46,375=35,000+5m

46,375-35,000=11,375

11,375/5=2,275

2,275/35,000=0.065

this means over the course of 5 years, tom payed 0.065% interest for the 35,000 loan

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