alleryStart learning →Eduardo's car loan had a 7.5% interest rate and cost him $6,596.25 in interest over 5 years. How much did he borrow?
A$49,471.88
B$1,759.00
C$879.50
D$17,590.00
Answer & Solution
Correct answer: D. $17,590.00
1. Use the simple interest formula I equals P times r times t.
2. Substitute the known values: 6,596.25 equals P times 0.075 times 5, which simplifies to 6,596.25 equals 0.375 times P.
3. Divide both sides by 0.375 to get P equals 17,590.
4. Eduardo borrowed $17,590 to buy his car.
_Source: OpenStax Elementary Algebra (CC BY 4.0), Ch 3 "Math Models", section 3.2 Solve Percent Applications_
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