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Enrique takes out a student loan to pay for his college tuition thus year at an annual interest rate of 4% for 20 years. Find the amount of the loan if the interest paid was $16,400.
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Enrique takes out a student loan to pay for his college tuition thus year at an annual interest rate of 4% for 20 years. Find the amount of the loan if the interest paid was $16,400.

User Casper
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1 Answer

4 votes
I used the equation i=prt. (interest= principle*rate*time) But for this equation you can use p= i / rt

16400=.04*20*p
16400=0.8p

16400/0.8= 20500
20500= p

The principle or the amount of the loan is $20,500.
User Machtnix
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