SOLUTION: loan for 3 years
interest rate 6%
$135.00 interest paid.
How much was borrowed?
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Question 886497: loan for 3 years
interest rate 6%
$135.00 interest paid.
How much was borrowed?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
loan for 3 years
interest rate 6%
$135.00 interest paid.
How much was borrowed?
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Assuming simple interest::
I = Prt
135 = P*0.06*3
P = 135/(0.18)
Principal = $750
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Cheers,
Stan H.
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