SOLUTION: The simple interest on a 8 month loan at 6 3/4% interest was $112.05. Find the loan amount.

SOLUTION: The simple interest on a 8 month loan at 6 3/4% interest was $112.05. Find the loan amount.

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Question 757126: The simple interest on a 8 month loan at 6 3/4% interest was $112.05. Find the loan amount.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The simple interest on a 8 month loan at 6 3/4% interest was $112.05. Find the loan amount.
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I = Prt
112.05 = P*0.0675(2/3)
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112.05 = P*0.0450
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P = $2490
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Cheers,
Stan H.
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