SOLUTION: Money is borrowed at a 17% simple interest rate after one year 816.66 pays off then loan how much was originally borrowed?

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Question 1196197: Money is borrowed at a 17% simple interest rate after one year 816.66 pays off then loan how much was originally borrowed?
Answer by math_tutor2020(3817) About Me  (Show Source):
You can put this solution on YOUR website!

P = amount borrowed = unknown
A = final amount to be paid back = 816.66
r = interest rate in decimal form = 0.17
t = number of years = 1

A = P*(1+rt)
816.66 = P*(1+0.17*1)
816.66 = P*(1+0.17)
816.66 = P*(1.17)
P = (816.66)/(1.17)
P = 698 dollars was borrowed