johnsonn3533 johnsonn3533

29-03-2021
Mathematics

contestada

The Problem: Phillips Health and Beauty Spa is replacing one of its workstations. The interest on a loan secured by the spa was $93.50. The money was borrowed at 5.5% simple interest for 2 years. What was the amount that they borrowed?

Respuesta :

ewomazinoade ewomazinoade

31-03-2021

Answer:

$850

Step-by-step explanation:

Amount that was borrowed = interest / (interest rate x time)

93.50 / (0.055 x 2) =

93.50 / 0.11 = $850

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