document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=373602>Question 373602</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How do you solve:\r<BR>\n" );
document.write( "\n" );
document.write( "Chris Siragusa takes out a 7% simple interest loan today which will be repaid 15 months from now with a payoff amount of $815.63. What amount is Chris borrowing?\r<BR>\n" );
document.write( "\n" );
document.write( "Thank you very much! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #265883 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=265883\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The basic formula for Interest is<BR>\n" );
document.write( "I = p*r*t<BR>\n" );
document.write( "let loan amount be $x<BR>\n" );
document.write( "at 7% for 1.25 years<BR>\n" );
document.write( "interest =  0.075x* 1.25<BR>\n" );
document.write( "...<BR>\n" );
document.write( "0.07*1.25*x +x =815.63<BR>\n" );
document.write( "1.0875x = 815.63<BR>\n" );
document.write( "x = 815.63/1.0875<BR>\n" );
document.write( "x = $750 <BR>\n" );
document.write( "...<BR>\n" );
document.write( "m.ananth@hotmail.ca </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );