Question 1149592
Simple Interest:
{{{ I = P*r*t }}}
You are given:
{{{ I + P = 350*12*3 }}}
{{{ I + P = 12600 }}}
{{{ I = 12600 - P }}}
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{{{ 12600 - P = P*r*t }}}
{{{ 12600 - P = P*.072*3 }}}
{{{ 12600 - P = .216P }}}
{{{ 1.216P = 12600 }}}
{{{ P = 10361.84 }}}
The loan can be as big as $10,361.84
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check:
{{{ I = 12600 - 10361.84 }}}
{{{ I = 2238.16 }}}
and
{{{ I = P*r*t }}}
{{{ 2238.16 = 10361.84*.072*3 }}}
{{{ 2238.16 = 10361.84*.216 }}}
{{{ 2238.16 = 2238.16 }}}
OK
Get a 2nd opinion if needed