Answer:
$25,000
Explanation:
To calculate the original amount of the student loan that Scott took, we can use the formula for calculating simple interest:
Simple Interest = Principal (loan amount) x Rate x Time
Given:
Interest (I) = $750
Rate (R) = 3% or 0.03 (as a decimal)
Let's assume the time (T) for the loan is one year, as the rate is given as an annual rate.
Plugging in the values into the formula:
750 = Principal x 0.03 x 1
750 = 0.03 Principal
To solve for Principal, we can divide both sides of the equation by 0.03:
Principal = 750 / 0.03
Principal = $25,000
So, the original amount of the student loan that Scott took was $25,000.