SOLUTION: Money is borrowed at 11​% simple interest. After one​ year, ​$1292.04 pays off the loan. How much was originally​ borrowed?

Let x be the originally borrowed amount.


Then you have this equation for the amount after 1 year


    x + 0.11x = 1292.04  dollars,   or


    x*(1 + 0.11) = 1292.04 dollars


    1.11x        = 1292.04


       x         = .


At this point, use your calculator/computer to find x and to get the answer.