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Andy took out a 5 year loan at 12% interest rate to pay for a trip to Spain. If he ended up paying $4937.50 in interest, how much was the trip?
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17 votes
17 votes
Andy took out a 5 year loan at 12% interest rate to pay for a trip to Spain. If he ended up paying $4937.50 in interest, how much was the trip?

User Alfergon
by
2.4k points

2 Answers

9 votes
9 votes

Answer:$8229.17

Explanation:

User Alvina
by
2.5k points
15 votes
15 votes

Answer:

Trip cost $8229.17

Explanation:

I = PRT I = 4937.50 R = .12 T = 5 P = amt for the trip

4937.5 = .12(5)P

4937.5 = .6P

P = 4937.5/.6 = $8229.17

User SEK
by
3.1k points
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