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Frank borrowed money from a credit union for 3 years and was charged simple interest at an annual rate of 8%. The total interest that he paid was $1680. How much money did he borrow?
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18 votes
Frank borrowed money from a credit union for 3 years and was charged simple interest at an annual rate of 8%. The total interest that he paid was $1680. How much money did he borrow?

User Justin Meiners
by
7.8k points

1 Answer

12 votes

Answer:

He borrowed $403.2

Explanation:

I=(1680)(0.08)(3)

User Lucas De Oliveira
by
8.3k points
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