SOLUTION: the question said...the percentage rate for the loan is 12%,it was paid in full after 1 year..the total amount paid was $896.00..what was the original amount of the loan? I have

Question 638914: the question said...the percentage rate for the loan is 12%,it was paid in full after 1 year..the total amount paid was $896.00..what was the original amount of the loan? I have come up with $788.48 as the answer,I would just like to make sure I have done this correctly please! Thank you! Kristi
Answer by reviewermath(1029) (Show Source): You can put this solution on YOUR website!
Let x = original amount
x + 0.12x = 896
1.12x = 896
x = 896/1.12
x = 800
The original loan amount was $800.
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