Question

How much was your loan

through capital One if you
paid $1200 in interest at a
rate of 1.5% for 5 years?

Answer 1

Your loan was for $16,000.

Explanation:

The formula for simple interest is i = prt, where p is the principal, r is the interest rate as a decimal fraction, and t is the time in years.

If i = prt, then p = i / (rt)

Here, p = ($1200) / 0.075 = $16,000

Your loan was for $16,000.