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Money is borrowed at 8%simple interest. After one year $1284.12 pays off the loan. How much was originally borrowed?
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Money is borrowed at 8%simple interest. After one year $1284.12 pays off the loan. How much was originally borrowed?

User Rapt
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2 Answers

7 votes
$284 was originally borrowed
User Zachary Newman
by
9.2k points
6 votes
interest: i = p * r * t.

Here, p + interest = $1284.12. Thus,

p + p * 0.08 * 1 = $1284.12. Simplifying,

1.08p = $1284.12. Solving for p, p = $1189.

The amount originally borrowed was $1189.
User Josette
by
8.6k points
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