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Peggy borrowed some money from the bank to buy a car. She repays the loan 9 months later. The interest that Peggy had to pay on the loan was $346.29. The bank charges an interest rate of 16.7%. Calculate
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Peggy borrowed some money from the bank to buy a car. She repays the loan 9 months later. The interest that Peggy had to pay on the loan was $346.29. The bank charges an interest rate of 16.7%. Calculate the principle of the loan.

Show your work please

User Maksym Dudyk
by
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1 Answer

3 votes

Answer:

$2073.59

Explanation:

100/16.7 = x/346.29

Multiply by 346.29: (100/16.7)(346.29) = x

User Josias
by
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