anonymous 3 years ago Ryan borrowed money from the bank for 3 years. At the time the bank had an interest rate of 4.25%. He ended having to pay 102$in interest. How much money did Ryan borrow. Show all work! • This Question is Closed 1. anonymous Okay so here is the formula:$\Large Interest = Principle \times {Rate} ^ {Time}$ We know Interest =$102, Rate = 4.25%, and Time = 3 years. So can you plug these into the formula and solve for Principle?

2. anonymous

0.00783?

3. anonymous

That's less than a cent. No way is he borrowing less than a cent from a bank and paying \$102 interest on it.

4. anonymous

No nvm 13.oo5

5. anonymous

Because you have to convert the rate to a decimal

6. anonymous

That looks better.

7. anonymous

I converted it to 0.0425

8. anonymous

Okay Thanks guys! 😊