SOLUTION: Jamie just paid off a loan he took out six months ago at 12% simple annual interest. He paid $3,816.00, which was the sum of the principal and the simple interest accrued over the

SOLUTION: Jamie just paid off a loan he took out six months ago at 12% simple annual interest. He paid $3,816.00, which was the sum of the principal and the simple interest accrued over the

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Question 1106213: Jamie just paid off a loan he took out six months ago at 12% simple annual interest. He paid $3,816.00, which was the sum of the principal and the simple interest accrued over the length of the loan.� What was the amount of principal he borrowed?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
principal of loan is Po
P=Po*0.12*0.5, I=PRT
Po+Interest=3816
Po+0.06Po=3816
1.06Po=3816
Po=$3600.

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