SOLUTION: loan for 3 years interest rate 6% $135.00 interest paid. How much was borrowed?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: loan for 3 years interest rate 6% $135.00 interest paid. How much was borrowed?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



Question 886497: loan for 3 years
interest rate 6%
$135.00 interest paid.
How much was borrowed?

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
loan for 3 years
interest rate 6%
$135.00 interest paid.
How much was borrowed?
--------
Assuming simple interest::
I = Prt
135 = P*0.06*3
P = 135/(0.18)
Principal = $750
---------------------
Cheers,
Stan H.
---------------------