document.write( "Question 1111561: You borrow $1200 to buy a piano. The simple interest rate is 12%. You pay off the loan after 4 years. How much do you pay for the loan?
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Algebra.Com's Answer #726569 by josmiceli(19441) $\"\"$ $\"About$

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The $1,200 loan include principle and interest
\n" ); document.write( " $\"+I+=+P%2Ar%2At+\"$
\n" ); document.write( " $\"+I+=+P%2A.12%2A4+\"$
\n" ); document.write( "and
\n" ); document.write( " $\"+I+%2B+P+=+1200+\"$
\n" ); document.write( " $\"+P+=+1200+-+I+\"$
\n" ); document.write( "and
\n" ); document.write( " $\"+I+=+%28+1200+-+I+%29%2A.12%2A4+\"$
\n" ); document.write( " $\"+I+=+576+-+.48I+\"$
\n" ); document.write( " $\"+1.48I+=+576+\"$
\n" ); document.write( " $\"+I+=+389.19+\"$
\n" ); document.write( "He paid $389.19 for the loan
\n" ); document.write( "-------------------------------
\n" ); document.write( "check:
\n" ); document.write( " $\"+389.19+=+P%2A.48+\"$
\n" ); document.write( " $\"+P+=+810.81+\"$
\n" ); document.write( "and
\n" ); document.write( " $\"+P+=+1200+-+I+\"$
\n" ); document.write( " $\"+P+=+1200+-+389.19+\"$
\n" ); document.write( " $\"+P+=+810.81+\"$
\n" ); document.write( "OK \n" ); document.write( "

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