SOLUTION: At a rate of 4%, you paid $144.00 in interest over a two-year period. What was the original amount of your loan?

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Question 620229: At a rate of 4%, you paid $144.00 in interest over a two-year period. What was the original amount of your loan?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
   

Hi,

 At a rate of 4%, you paid $144.00 in interest over a two-year period. 

What was the original amount of your loan?

  I = P * rate

 144 = P(.04)

 144/.04 = P

 $3600 = P