Register
At a rate of 4.25% over 24 months. If he pays $51.00 in interest, what was the original amount of his loan?
162k views
3 votes
At a rate of 4.25% over 24 months. If he pays $51.00 in interest, what was the original amount of his loan?

User DanielB
by
6.8k points

1 Answer

2 votes
I = PRT.....rearrange.....P = I / RT

P = 51 / (0.0425* 2).....I used 2 because 24 months = 2 yrs
P = 51 / 0.085
P = 600 <===

User Andrew Zhilin
by
5.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.6m answers

Other Questions

What is the least common denominator of the four fractions 20 7/10 20 3/4 18 9/10 20 18/25
What is 0.12 expressed as a fraction in simplest form
Solve using square root or factoring method plz help!!!!.....must click on pic to see the whole problem
What is the initial value and what does it represent? $4, the cost per item $4, the cost of the catalog $6, the cost per item $6, the cost of the catalog?
What is distributive property ?
Link Copied!