Question

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?

Answer 1

Answer:$8229.17

Explanation:

Answer 2

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