Mia agrees to borrow a 3-year loan with 4% simple interest to buy a motorcycle part a - if mia will pay a total of $444 in interest, how much money did she initially borrow? part b - how much interest would mia pay if the simple interest rate were 5%?

Part A

If Mia pays simple interest, it means that she will pay the same dollar amount of interest each year.

Since she paid a total interest of $444 over 3 years, her annual interest  = 444/3 = 148

Let "x" represent the intital amount she borrowed

So, we frame the equation as :

x*0.04 = 148

x = 148/0.04

x = 3,700

Amount she initially borrowed = $3,700

Part B:

If the interest was 5%,

Her annual interest will be = 3,700*0.05 = 185

So, her total interest = 185*3 = $555

Interest that Mia would pay at 5% simple interest = $555

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