Register
Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?​
135k views
0 votes
Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?​

User Jjramos
by
4.9k points

1 Answer

4 votes
P is the principal, the $120
R is the rate, 6% changed to .06
N is how often it’s compounded (annually, semiannually, daily, monthly)
T is time, a specific question on how long it took. It can be random, 6 years, 2 years, 12 years, etc.
Based on simple interest, how much money would you have borrowed at 6% annual interest-example-1
User Laidibug
by
4.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.3m questions

6.9m answers

Other Questions

Pizza planet is running a special 3 pizzas for 16.50. What is the unit rate for one pizza
What number is halfway between 0 and 18
If the 9-inch wheel of cheese costs $18.60, what is the cost per square inch? If the cost is less than a dollar, put a zero to the left of the decimal point?
how long Will it take for $7000 investment to grow to $7553 and the annual rate of 3.4% compounded quarterly assume that no withdrawals are made
I need to simplify this expression.
Link Copied!