Question 1111561
The $1,200 loan include principle and interest
{{{ I = P*r*t }}}
{{{ I = P*.12*4 }}}
and
{{{ I + P = 1200 }}}
{{{ P = 1200 - I }}}
and
{{{ I = ( 1200 - I )*.12*4 }}}
{{{ I = 576 - .48I }}}
{{{ 1.48I = 576 }}}
{{{ I = 389.19 }}}
He paid $389.19 for the loan
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check:
{{{ 389.19 = P*.48 }}}
{{{ P = 810.81 }}}
and
{{{ P = 1200 - I }}}
{{{ P = 1200 - 389.19 }}}
{{{ P = 810.81 }}}
OK