document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1107890>Question 1107890</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Jamie just paid off a loan he took out six months ago at 12% simple annual interest. He paid $3,816.00, which was the sum of the principal and the simple interest accrued over the length of the loan.  What was the amount of principal he borrowed?\r<BR>\n" );
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document.write( "Give answer in dollars rounded to the nearest cent. Do NOT enter \"$\" sign in answer. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #722935 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=722935\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  Jamie just paid off a loan he took out six months ago at 12% simple annual interest. He paid $3,816.00, which was the sum of the principal and the simple interest accrued over the length of the loan. What was the amount of principal he borrowed? <BR>\n" );
document.write( "Give answer in dollars rounded to the nearest cent. Do NOT enter \"$\" sign in answer. <BR>\n" );
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document.write( "A(t) = P(1+rt)<BR>\n" );
document.write( "3816 = P(1 + 0.12(1/2))<BR>\n" );
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document.write( "3816 = P(1.06)<BR>\n" );
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document.write( "P = 3816/1.06 = 3600<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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