SOLUTION: Money is borrowed at 12% simple interest. After 1 year $896 pays off the loan. How much was borrowed originally?

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Question 638981: Money is borrowed at 12% simple interest. After 1 year $896 pays off the loan. How much was borrowed originally?
Answer by reviewermath(1029) About Me  (Show Source):
You can put this solution on YOUR website!
x + 0.12x = 896
1.12x = 896
x = 896/1.12
x = 800
Answer: $800