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?

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
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
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
Link Copied!