Money is borrowed at 10% simple interest. After one year, $918.50 pays off the loan. How much was originally borrowed

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VolkA asked Nov 28, 2022

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Money is borrowed at 10% simple interest. After one year, $918.50 pays off the loan. How much was originally borrowed

Mathematics
college

VolkA asked Nov 28, 2022

by VolkA

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Answer:

$858.4

Explanation:

Use simple interest formula A= P(1+rt)

We know t is 1 year

A is unknown P is 918 and r is 0.07

A= P (1+0.07)

918.5= P * 1.07

918.5/1.07=P

$858.4=P is the amount borrowed

Mehmood answered Dec 2, 2022

by Mehmood

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