Question

(PLEASE HURRY)
Milan borrowed money from a credit union for 6 years and was charged simple interest at an annual rate of 7%. The total interest that he paid was $3780. How much money did he borrow?

Answer 1

Answer:

$54000

Step-by-step explanation: 3780 divided by the number of years he paid interest for, (6) gives you 630. If he pays 7% interest, you calculate what number 630 is 7% of (9000.) Therefore he takes out 9000 dollars a year. Meaning that in total, he borrowed 54,000 dollars. (9000 x 6)

Answer 2

$54000 is the answer If you need an explanation comment on this I taught this to my class yesterday!