Questions: Interest

Transcript text: Interest

Solution

Solution Steps

To solve this problem, we need to identify the term that represents the difference between the amount borrowed and the amount repaid. This term is commonly known as the "balance" or "remaining balance."

Step 1: Define the Variables

Let \( A \) represent the amount borrowed and \( R \) represent the amount repaid. In this case, we have: \[ A = 1000, \quad R = 300 \]

Step 2: Calculate the Balance

The balance \( B \) is calculated as the difference between the amount borrowed and the amount repaid: \[ B = A - R \] Substituting the values: \[ B = 1000 - 300 = 700 \]