Hans borrowed money from a credit union for 2 years and was charged simple interest at an annual rate of 9 percent. The total interest that he paid was 126\$. How much money did he borrow?

Solution

Hans borrowed money from a credit union for 2 years and was charged simple interest at an annual rate of 9 percent. The total interest that he paid was 126$. How much money did he borrow?

Solution

Amount : 148.68

Solution steps

Translate the problem into an equation:

A = 126 (1 + 0.09 \cdot 2)

126 (1 + 0.09 \cdot 2) = 148.68

Amount : 148.68

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