Question

Amy got a $1,000 loan from her bank, and she had to repay $1,500. What are the principle and interest amounts in this transaction?

Answer 1

Loan amount = $1000

So the principal is $1000.
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Repayment amount = $1500

Interest = Repayment amount - principal

=> Interest = $1500 - $1000 = $500
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`\textbf{ \red{Principal = 1000 dollar}} \\ \\ \textbf{ \blue{Interest = 500 dollar} }`