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Elsa took out a 2-year loan to buy a car at a 6% simple interest rate. If she has to pay $264 in interest, how much principal did she borrow?

Elsa took out a 2-year loan to buy a car at a 6% simple interest rate. If she has to pay $264 in interest, how much principal did she borrow?
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Elsa took out a 2-year loan to buy a car at a 6% simple interest rate.

If she has to pay $264 in interest, how much principal did she borrow?

User Ryan Penfold
by
7.9k points

1 Answer

5 votes
I = p*r*t
264=p*.06*2
Divide both sides by .12
P=$2200

User Wannadream
by
7.6k points
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