On 2 May 2000, a man borrowed a sum of money from a bank at 6.5% p.a. simple interest and on 2 September 2000, the interest amounted to $137.50. Calculate the amount of money he borrowed.

Theamount of money borrowed by the man from the bank on on 2 May 2000 is $6346.15.

Explain the term simple interest?

Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan.

The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.

The formula for calculating simple interest;

SI = P R T/100,

where

P stands for principal,

R for rate of interest, and

T for time period.

Here, the rate (r%) is expressed as r/100, where r% is the percentage rate.

In the case of simple interest, the principal is the amount of money that does not change over the course of a year.

Time = 4/12 year

For the given values-

137.50 = P × 6.5 × 4 /1200

P = 137.50 × 1200 / 6.5 × 4

P = $6346.15

Thus, the amount of money borrowed by the man from the bank on on 2 May 2000 is $6346.15.

money borrowedby the man from the bank on on 2 May 2000 is $6346.15.## Explain the term simple interest?

simple interest;principalis the amount of money that does not change over the course of a year.simple interest,herehttps://brainly.com/question/25793394