Miley borrowed a certain amount of money at an annual simple interest rate of 3.7%. If she returned $5013 after 238 weeks, how much interest did she pay?

Question

Please include work if possible

Answer 1

Answer: $4287.01

The formula for simple interest is A=P(1+rt) where:

A=The money accumulated

P=The original money borrowed

r=interest rate

t=time (in years)

Plug in the values we know

5013=P(1+(.037*4.576923)) Change 3.7% to a decimal, moving it over two spaces to the left; Change 238 weeks to years by taking 238/52(weeks in a year)=4.576923 years

5013=1.169346151P Divide.

P= 4287.01 Solve

$4287.01 is what Miley paid in interest.