SOLUTION: Money is borrowed at 11% simple interest. After 1 year $721.50 pays off the loan. How much was borrowed originally?
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Question 917164: Money is borrowed at 11% simple interest. After 1 year $721.50 pays off the loan. How much was borrowed originally?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
A = P(1+r*t)
721.50 = P(1+0.11*1) ... Plug in A = 721.50, r = 0.11 and t = 1
721.50 = P(1+0.11)
721.50 = P(1.11)
721.50/1.11 = P
650 = P
P = 650
$650 was borrowed originally.
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Jim
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