exam Maths Puzzle Numerical Ability

Dr. Sand borrowed some money for new furniture. She paid $245. simple interest on a 3.5 year loan at 3.5%. Find the principle.
Please help,
Ellen

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5. Business and finance: Under a new contract, the salary for a position increase from $31,000 to $33,635. What rate of increase does this represent? x = 3(5+2x)