Question

SIMPLE INTEREST QUESTION
Anita borrows some money at a fixed rate of simple interest. The amount she owes at the end of each of the first five years in given (Below).
a) How much did Anita Borrow
b) State the total amount as the general term of a sequence
Year 1= 2081.25 Year 2= 2312.50 Year 3= 2543.75 Year 4= 2775 Year 5= 3006.25

Answer 1

I need to find the principle, but don't know the rate

Answer 2

Find the difference between the amounts each year ... it should be a fixed amount.
The answer is the 'fixed rate of simple interest'.
Then subtract that amount from the amount she owes at the end of the first year.

Answer 3

I got 231.25 as the difference but i thought that was the interest she pays each year

Answer 4

Because i thought the rate had to be like a small decimal number

Answer 5

The 'rate' as a percentage would be a small decimal number, but the question is asking you to find the amount she borrowed.

Answer 6

Oh okay i got the right answer for part A, but what about B

Answer 7

is the general term for the arithemetic sequence?

Answer 8

or something else..

Answer 9

Never mind I got the answer, thank you very much i appreciate it

Answer 10

Good work! Oh, and you're welcome.