SOLUTION: A man paid the bank $4,080 at the end of 3 years. This was the amount borrowed plus 12% interest for 3 years. How much money had he borrowed?

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Question 38477: A man paid the bank $4,080 at the end of 3 years. This was the amount borrowed plus 12% interest for 3 years. How much money had he borrowed?
Answer by Paul(988) About Me  (Show Source):
You can put this solution on YOUR website!
Use+the+formula+A=Pe%5E%28rt%29
A=4080e%5E%280.12%2A3%29
A=4080e%5E0.36
A=5847.98
Hence, he borrowed $5847.98
PAul.