Let's solve this problem step-by-step.
STEP-BY-STEP SOLUTION:
Let's first establish the simple interest formula which we will require to solve this problem as displayed below:
Simple Interest = Principal × Rate of Interest × No. of Time Periods
I = PRN
Now let's substitute the values from the problem into this formula as displayed below:
I = $90
P = ?
R = 6%
N = 3 years
I = PRN
90 = P × 0.06 × 3
P = 90 / 0.06 × 3
P = 90 / 0.18
P = $500
ANSWER:
As the principal and the amount borrowed is the same, Claire borrowed $500. Therefore, the answer is:
D ) $500
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