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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?
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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?
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Feb 25, 2018
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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?
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Ryan Penfold
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I = p*r*t
264=p*.06*2
Divide both sides by .12
P=$2200
Wannadream
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Mar 2, 2018
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