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Answer to Question #43360 in Algebra for Jasley
Question #43360
Money is borrowed at 14% simple interest. after one year, $1281.36 pays off the loan. how much was originally borrowed?
Expert's answer
Simple interest is determined by multiplying the interest rate by the principal by the number of periods.
Simple interest = P*I*N,
where P is the loan amount, I is the interest rate, N the duration. In our case we have SI=1282.36$, I=14% and N=1 year.
1282.36=P*0.14*1+P; 1282.36=1.14*P; P=1124.88$.
Answer. 1124.88$.
Simple interest = P*I*N,
where P is the loan amount, I is the interest rate, N the duration. In our case we have SI=1282.36$, I=14% and N=1 year.
1282.36=P*0.14*1+P; 1282.36=1.14*P; P=1124.88$.
Answer. 1124.88$.
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