Question 284788
alvin borrowed money from a cousin at a rate of 10% simple interest. After 1 yrs, $7194 paid off the loan. How much did Alvin borrow?
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A(t) = P(1+rt)
7194 = P(1+0.10*1)
7194 = P(1.1)
P = $6540
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Cheers,
Stan H.