April wants to borrow 1000 from her father and is willing to pay 15 in interest. Her father wants to charge an interest rate of 6%. How long can April keep the money?

Solution

Solution

Time : \frac{1}{4}

Solution steps

Translate the problem into an equation:

15 = 1000 \cdot 0.06 t

Solve for

t, 15 = 1000 \cdot 0.06 t : t = \frac{1}{4}

Time : \frac{1}{4}

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