SOLUTION: Money is borrowed at 11​% simple interest. After one​ year, ​$1292.04 pays off the loan. How much was originally​ borrowed?

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Question 1145189: Money is borrowed at 11​% simple interest. After one​ year, ​$1292.04 pays off the loan. How much was originally​ borrowed?
Answer by ikleyn(52813)   (Show Source): You can put this solution on YOUR website!
.
Let x be the originally borrowed amount.


Then you have this equation for the amount after 1 year


    x + 0.11x = 1292.04  dollars,   or


    x*(1 + 0.11) = 1292.04 dollars


    1.11x        = 1292.04


       x         = .


At this point, use your calculator/computer to find x and to get the answer.

Solved.

Notice.   In this solution,  0.11 represents 11%.


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On this subject,  see the lesson
    - Simple interest percentage problems
in this site.


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