SOLUTION: Money is borrowed at 16​% simple interest. After one​ year, ​$1131.00 pays off the loan. How much was originally​ borrowed?

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Question 1182279: Money is borrowed at 16​% simple interest. After one​ year, ​$1131.00 pays off the loan. How much was originally​ borrowed?
Answer by mananth(16949) About Me  (Show Source):
You can put this solution on YOUR website!

Money is borrowed at 16​% simple interest.
16%
116 pays off for $100
$ 1131.00 pays off for $ x
x= 1131*100/116
$ 975 was the loan