Question

Lany borrowed some money at 2% for 6 years. She paid back a total (principal + interest) of

$336. How much did she borrow?

Answer 1

$300

Explanation:

2% for 6 years => She has to pay an extra of 12%.

She paid back $336 => It is 112% of what she borrowed.

To find out how much she borrowed, we do : $336 : 112% x 100% = $300

Recheck : 2% of $300 = $6
So in 6 years, it will be $36 extra.

$300 + $36 = $336.