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A bank gives you a simple interest loan at a rate of 5.5%. after 3 years, you have paid 41.91 in interest. what was the original principal amount of your loan?
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A bank gives you a simple interest loan at a rate of 5.5%. after 3 years, you have paid 41.91 in interest. what was the original principal amount of your loan?

User Undertakeror
by
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1 Answer

4 votes
Simple interest equation:

B = P + Prt

where Prt is the Interest part.

Prt = 41.91, r = .055, t =3

0.175P = 41.91

P = 239.49
User Bob Vork
by
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