Clare borrowed money from her parents at 5.1% simple interest to help pay her tuition. At the end of 1...

Question

Clare borrowed money from her parents at 5.1% simple interest to help pay her tuition. At the end of 1 year, she owed a total of $2,205.00 in principal and interest. How much did she borrow?
Amount Borrowed: _______ (Round your answer to the nearest cent and include units.)

SnapAndSolve AI · Accepted Answer

Let the principal amount borrowed be P. The simple interest formula is:

Interest = Principal × Rate × Time

Given that the total amount owed at the end of 1 year is $2,205.00, we have:

Total Amount = Principal + Interest

Substituting the values, we get:

2205 = P + (P × 0.051 × 1)

2205 = P + 0.051P

2205 = 1.051P

Solving for P:

P = 2205 / 1.051

P ≈ 2098.00

Amount Borrowed: $2,098.00

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Clare borrowed money from her parents at 5.1% simple interest to help pay her tuition. At the end of 1...

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