Hans borrowed money from a credit union for 4 years and was charged simple interest at an annual rate of 6%. The total interest
that he paid was $1920. How much money did he borrow?
1 answer:
Answer:
Hans initially borrowed $1499.04
Step-by-step explanation:
Information:
Borrowed for 4 years
Interest rate of 6%
Final amount: $1920
--------------------------------------
1. Find 6% less of 1920.
This would be the same as multiplying a number by 0.94
So: 1920 * 0.94 = 1804.8
Then repeat this 3 more times:
1804.8 * 0.94 = 1696.51 <(Because money is only shown in cents, we round to the nearest 100's place for decimals.)
1696.51 * 0.94 = 1594.72
Then finally,
1594.72 * 0.94 = 1499.04
This means that the initial cash amount Hans borrowed was $1499.04
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