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Back to 6.4 Solve Simple Interest Applications

6.4 Exercise 60

Avg difficulty 2.5

Solve the problem using the simple interest formula.

Airin borrowed $3,900\$\text{3},\text{900} from her parents for the down payment on a car and promised to pay them back in 1515 months at a 4%\text{4}\% rate of interest. How much interest did she owe her parents?

OpenStax Prealgebra 2e, 6.4 Solve Simple Interest Applications, exercise 60

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Adapted from Prealgebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Prealgebra 2e. Imported at revision 77a933c.