SOLUTION: Your financial institution charged you 12% simple interest on a one year loan. If your total payback, including interest, is $2464, how much did you originally borrow?

SOLUTION: Your financial institution charged you 12% simple interest on a one year loan. If your total payback, including interest, is $2464, how much did you originally borrow?

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Question 242819: Your financial institution charged you 12% simple interest on a one year loan. If your total payback, including interest, is $2464, how much did you originally borrow?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
x(1+.12)=2464
x*1.12=2464
1.12x=2464
x=2464/1.12
x=$2,200 was the original loan.
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