Austin borrowed money from a credit union for 4 years and was charged simple interest at an annual rate of 5% the total interest that he paid was $160 how much money did he borrow​

Given:

Rate of simple interest = 5%

Time = 4 years

Total interest = $160

To find:

The amount borrowed by Austin from a credit union.

Solution:

The formula for simple interest is:

Where, P is principal, r is the rate of interest and t is the number of years.

Putting in the above formula, we get

Multiply both sides by 5.

Therefore, Austin borrowed $800 from a credit union for 4 years.

step-by-step explanation:

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