Answer:
$5000 is how much he borrowed or the "principle" amount.
Step-by-step explanation:
The formula for simple interest is: I = p * r * t
where I = the interest charged, p = principle or amount borrowed, r = the annual rate charged (changed from a percent to decimal by dividing by 100) and t = time (must be expressed in year)
So, I = prt
750 = p * .05 * 3 (here, 3 * .05 = 0.15)
750 = 0.15p (now you need to solve for p by dividing both sides of the
0.15 0.15 equation by .15
5000 = p
So the amount borrowed is $5000