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The following information is known about a loan. Time = 7 years Interest rate = 6% Interest = $840.00 What was the principal on the loan?

The following information is known about a loan. Time = 7 years Interest rate = 6% Interest = $840.00 What was the principal on the loan?
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2 votes
The following information is known about a loan.

Time = 7 years
Interest rate = 6%
Interest = $840.00

What was the principal on the loan?

User Michael Lewis
by
9.1k points

2 Answers

1 vote

Answer:2000

Explanation:

User Igor Nardin
by
8.0k points
6 votes
Use the formula I = PRT.....you'll get $2000
User Scyuo
by
8.5k points
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