Register
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?
65.7k views
3 votes
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 Marcelo Amorim
by
7.6k points

2 Answers

5 votes

Answer:

$2183.333333333333333333333333333333333333333

Explanation:

User EngJon
by
8.6k points
5 votes
The Simple Interest formula is I = Prt
I = ?
P = $264
r = 6% or 0.06
t = 2 years

I = 264(0.06)(2)
I = $31.68

Elsa borrowed $31.68 principal.

User Lucyjosef
by
8.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!