Aaron borrowed money to start a new business. The simple interest rate on the loan is 2.5%. He will pay back the loan by making a total of 12 payments of $266.50 each. How much did he borrow?

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asked May 25, 2024 47.9k views

1 vote

Aaron borrowed money to start a new business. The simple interest rate on the loan is 2.5%. He will pay back the loan by making a total of 12 payments of $266.50 each. How much did he borrow?

Mathematics
middle-school

Phse asked

by Phse

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1 Answer

6 votes

Answer
6.6944

Explanation
2.5x1/100=2.5/100
266.50x2.5/100x12=6.6944

Sereger answered Jun 1, 2024

by Sereger

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