I spent $5,200 in interest on a loan. If I paid my loan off over 5 years at a rate of 8%, what was the initial amount of money I borrowed?

asked Dec 27, 2022 11.2k views

4 votes

I spent $5,200 in interest on a loan. If I paid my

loan off over 5 years at a rate of 8%, what was
the initial amount of money I borrowed?

by Sammy

6.3k points

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1 vote

Answer:

I think the initial amount borrowed would be $3,714.29

Rohit Pandey answered Dec 31, 2022

5.9k points

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