Money is borrowed at 12 % simple interest. After one year, $1023.68 pays off the loan. How much was originally borrowed?

asked Jul 19, 2018 174k views

0 votes

Money is borrowed at 12

%
simple interest. After one year, $1023.68

pays off the loan. How much was originally borrowed?

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2 votes

1023.68 is 112% is the equation

Yurii Buhryn answered Jul 20, 2018

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3 votes

Because 1023.68 is 112% of the loan, you can divide by 1.12 to get 914, which is the answer

Calen answered Jul 24, 2018

by Calen

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