SOLUTION: 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
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Question 1106213: 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? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! principal of loan is Po
P=Po*0.12*0.5, I=PRT
Po+Interest=3816
Po+0.06Po=3816
1.06Po=3816
Po=$3600.
