SOLUTION: Money is borrowed at 8% interest. After one year, 1270.08 pays off the loan. How much was originally borrowed?
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Question 755134: Money is borrowed at 8% interest. After one year, 1270.08 pays off the loan. How much was originally borrowed?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Money is borrowed at 8% interest. After one year, 1270.08 pays off the loan. How much was originally borrowed?
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Assuming it was borrowed at simple interest:
A(t) = P(1+rt)
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1270.08 = P(1.08)
P = $1176.00
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Cheers,
Stan H.
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