# SOLUTION: Consumer laon is made at 10% over 3.5 years. If \$2,125 interest is paid what is the principal? What is the total amount paid?

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 Click here to see ALL problems on Travel Word Problems Question 176394: Consumer laon is made at 10% over 3.5 years. If \$2,125 interest is paid what is the principal? What is the total amount paid?Found 2 solutions by jojo14344, MathTherapy:Answer by jojo14344(1512)   (Show Source): You can put this solution on YOUR website! Usually, commercial/consumer loans are on a Simple Interest Method of Payment (unless otherwise specified), where Principal and Interest are due when the loan matures. Simple Interest= =\$6071.4286 Principal Total Amount Paid: =\$8196.4286 Thank you, Jojo Answer by MathTherapy(1421)   (Show Source): You can put this solution on YOUR website!Consumer laon is made at 10% over 3.5 years. If \$2,125 interest is paid what is the principal? What is the total amount paid? I = PTR 2,125 = P*3.5*.1 2,125 = .35P P = 2,125 / .35 P = \$6,071.43 Principal = \$6,071.43 Total amount paid = \$6,071.43 + \$2,125 = \$8,196.43