SOLUTION: Money is borrowed at 16% simple interest. After one year, $1131.00 pays off the loan. How much was originally borrowed?

Question 1182279: Money is borrowed at 16% simple interest. After one year, $1131.00 pays off the loan. How much was originally borrowed?

Answer by mananth(16949) (Show Source): You can put this solution on YOUR website!

Money is borrowed at 16% simple interest.
16%
116 pays off for $100
$ 1131.00 pays off for $ x
x= 1131*100/116
$ 975 was the loan

SOLUTION: Money is borrowed at 16​% simple interest. After one​ year, ​$1131.00 pays off the loan. How much was originally​ borrowed?

SOLUTION: Money is borrowed at 16% simple interest. After one year, $1131.00 pays off the loan. How much was originally borrowed?