SOLUTION: If the simple interest of a loan is $2,640 after 6 years at an annual interest rate of 5.5%, find the principal of the loan.

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Question 1023053: If the simple interest of a loan is $2,640 after 6 years at an annual interest rate of 5.5%, find the principal of the loan.
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
Simple interest is found by
I = Prt
so that
P = I/rt = $2640/(6)(.055) = $8000