SOLUTION: A guy borrowed some money for 2 years at 6% simple interest. If he had to pay back $3,640, how much did he borrow?

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Question 757376: A guy borrowed some money for 2 years at 6% simple interest. If he had to pay back $3,640, how much did he borrow?
Answer by LearnWithMajor(33) About Me  (Show Source):
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Well the guy borrowed an amount x. He had to pay back an extra 6% for each year. 2 years means he had to pay back an extra 12% over the amount he borrowed. So he had to pay 112% of the amount he borrowed. To find the percentage of x we multiply x by the percentage in decimal or fraction form.

112% of x = 3640
1.12x+=+3640 Solve for x by dividing both sides by 1.12
x+=+3250