SOLUTION: the question said...the percentage rate for the loan is 12%,it was paid in full after 1 year..the total amount paid was $896.00..what was the original amount of the loan? I have
Algebra ->
Percentage-and-ratio-word-problems
-> SOLUTION: the question said...the percentage rate for the loan is 12%,it was paid in full after 1 year..the total amount paid was $896.00..what was the original amount of the loan? I have
Log On
Question 638914: the question said...the percentage rate for the loan is 12%,it was paid in full after 1 year..the total amount paid was $896.00..what was the original amount of the loan? I have come up with $788.48 as the answer,I would just like to make sure I have done this correctly please! Thank you! Kristi Answer by reviewermath(1029) (Show Source):
You can put this solution on YOUR website! Let x = original amount
x + 0.12x = 896
1.12x = 896
x = 896/1.12
x = 800
The original loan amount was $800.
