Scott gets a student loan to go to college after high school. If he pays $750 in interest at a rate of 3% over four years, how much must the loan have been for originally?

Question

asked Jun 14, 2021 191k views

1 Answer

Thchp · Answer 1 · 2021-06-19T14:02:01+0000

Answer:

$6250

Explanation:

Step one:

given data

simple intereest= $750

rate= 3%

time= 4years

Required

The Principal P

Step two:

SI= PRT/100

750= P*3*4/100

750=12P/100

cross multiply we have

12P=750*100

divide both sides by 12

P=75000/12

P=$6250