SOLUTION: E-Z-R Loan Agency writes a loan agreement stipulating that $1308 is to be paid for a simple-interest loan for one year at 9%. How much is being borrowed? How much interest is being

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Question 185107This question is from textbook Experiencing Introductory & Intermediate Algebra
: E-Z-R Loan Agency writes a loan agreement stipulating that $1308 is to be paid for a simple-interest loan for one year at 9%. How much is being borrowed? How much interest is being paid on the loan? This question is from textbook Experiencing Introductory & Intermediate Algebra

Answer by solver91311(24713)   (Show Source): You can put this solution on YOUR website!


Let x be the amount of the loan. Then the customer has to pay the amount of the loan plus 9% of the loan as interest.







You can do your own arithmetic. The interest amount is


John
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