167k views
5 votes
A loan was repaid after 3 years, which included the principle and $600 more. Assume simple annual interest, find the principle amount. Take i=10%

1 Answer

2 votes

Answer: 2000

Work Shown

i = P*r*t

600 = P*0.10*3

600 = 0.3P

P = 600/0.3

P = 2000

User Auburg
by
8.8k points

No related questions found

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