Mr. Symon paid \( \$ 58,50 \) interest on a loan that had a \( 6 \% \) simple interest rate. How much did he borrow?

To find out how much Mr. Symon borrowed, we can use the simple interest formula: \[ I = P \times r \times t \] Where: - \( I \) is the interest paid (\$58.50), - \( r \) is the interest rate (6% or 0.06), - \( t \) is the time in years (assuming 1 year for simplicity). Rearranging the formula to solve for \( P \) (the principal amount borrowed), we have: \[ P = \frac{I}{r \times t} \] Substituting the values: \[ P = \frac{58.50}{0.06 \times 1} = \frac{58.50}{0.06} = 975 \] So, Mr. Symon borrowed \( \$ 975 \). To make things even clearer, think about it like this: if you lend a friend money and they promise to pay you back with a little extra for using your cash, you want to keep track of how much they owe you, right? Just like marks on a calendar help you keep time, the loan amount and the interest rate help you see what lending money costs!