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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 Marcelo Amorim
by
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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
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