Can please me with this world problem in math?

Question

Tamisha borrowed money from her father at 5% simple interest to help pay for her tuition at Wellington Community College. At the end of 1yr, she owed $1365 in principle and interest. How much did she borrow?

Answer 1

She borrow $1300.  

Answer 2

Let x equal the amount originally borrowed.

At the end of the first year, she owed x plus 5% (1.05x)

1.05x = $1,365

x = $1,365/1.05

x = $1,300

She borrowed $1,300.

Let's check our work...

Amount paid back = $1,300 + ($1,300 * .05)

Amount paid back = $1,300 + ($65)

Amount paid back = $1,365 ← Checks!

Here's a good site that explains the concept:

http://www.mathsisfun.com/money/interest...

Good luck in your studies,

~ Mitch ~