SOLUTION: At a rate of 4%, you paid $144.00 in interest over a two-year period. What was the original amount of your loan?

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Question 620229: At a rate of 4%, you paid $144.00 in interest over a two-year period. What was the original amount of your loan?
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
   
Hi,
At a rate of 4%, you paid $144.00 in interest over a two-year period.
What was the original amount of your loan?
I = P * rate
144 = P(.04)
144/.04 = P
$3600 = P
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