Sanjay borrowed $7,000 at a simple interest rate of 3% per year. After a certain number of years he had paid $840 in interest altogether. How many years was that?
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Answer:
It was 4 years
Step-by-step explanation:
To solve this problem we need to use the appropriate formula for simple interest, which is shown below:
M = C*r*t
Where M is the amount of interest, C is the initial amount of money, r is the rate of interest and t is the time elapsed in years. Applying the data from the problem we have:
840 =7000*0.03*t
840 = 210*t
210*t = 840
t = 840/210
t = 4
It was 4 years.
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