borrowed $30,500 at 10% interest. how much interest did marita pay the first year?
b. $1525
c. $3500
d. $3050
e. none of these

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Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [], "new_concepts": [ "Simple Interest" ], "current_concepts": [ "Simple Interest", "Percentage Calculation" ] } ## Identify given values $$ \begin{aligned} P &= \$30,500 \ r &= 10\% = 0.10 \ t &= 1 \text{ year} \end{aligned} $$ ## Calculate first year interest $$ \begin{aligned} I &= P \times r \times t \ I &= 30,500 \times 0.10 \times 1 \ I &= 3,050 \end{aligned} $$ ## Match with options $$ \begin{aligned} \text{Interest} &= \$3,050 \ \text{Correct Option} &= \text{D} \end{aligned} $$

A. $152.5

B. $1525

C. $3500

D. $3050

E. none of these

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Simple Interest" ] }

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Question

Explanation:

Identify given values

Calculate first year interest

Match with options

Answer: