SOLUTION: if you borrowed money at 15% simple interet after paying it off in one year your finally payoff was $1199.45 what was the original amount borrowed?

Question 346091: if you borrowed money at 15% simple interet after paying it off in one year your finally payoff was $1199.45 what was the original amount borrowed?
Found 2 solutions by Fombitz, mananth:
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!

The original amount borrowed was $1043.

Answer by mananth(16949) (Show Source): You can put this solution on YOUR website!
Principal = p
rate = 15% = 0.15
I = 1199.55
....
1199.45 = p*0.15*1
1199.45/0.15 = p
p= 7,996.33