SOLUTION: A consumer loan is made at 10.0% over a 3.5 year period. If $2,125 in interest is paid, what is the principal? What is the total amount paid by the consumer? Report the results to

Question 192866: A consumer loan is made at 10.0% over a 3.5 year period. If $2,125 in interest is paid, what is the principal? What is the total amount paid by the consumer? Report the results to the nearest penny.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A consumer loan is made at 10.0% over a 3.5 year period. If $2,125 in interest is paid, what is the principal? What is the total amount paid by the consumer? Report the results to the nearest penny.
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I = Prt
2125 = P*0.10*3.5
P = $6071.43
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Cheers,
Stan H>
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