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If an interest rate of 5% results in interest of $50, what is the principal amount of the loan?

If an interest rate of 5% results in interest of $50, what is the principal amount of the loan?
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If an interest rate of 5% results in interest of $50,

what is the principal amount of the loan?

User Bonfo
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2 Answers

10 votes

Answer:

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User Bunkerbuster
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7.7k points
8 votes
X times 0.05 = $50
Solve for x

We do the inverse of times which is divide

$50 divide by 0.05 = $1000

Thus, $1000 is the amount of loan.
User ObjectType
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8.0k points
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