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

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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(48551) About Me  (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>