Answer:
The amount of money originally borrowed by Mr. Peterson is $6,800.
Step-by-step explanation:
Let us assume the money borrowed originally = P
Rate of interest = 5%
Time = 3 years
S interest = $1020
Simple Interest = [tex]\frac{P \times R \times T }{100}[/tex]
Substituting the all values, we get:
[tex]1020 = \frac{P \times 5 \times 3 }{100}\\\implies P = \frac{102000}{15} = 6,800[/tex]
⇒ P = $6,800
Hence, the amount of money originally borrowed by Mr. Peterson is $6,800.
