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-Dominant- [34]
2 years ago
13

What amount of money was loaned if the borrower paid $950 in interest at the end of 6 months and was charged 7% annual interest?

$1,083.06 $13,571.86 $27,142.86 $1,900
Business
1 answer:
Ronch [10]2 years ago
4 0

Answer:

The loan amount was $27,142.86

Explanation:

Data provided in the question:

Total interest paid for the loan amount = $950

Time for which interest is charged = 6 months = 0.5 year

Annual interest rate = 7% = 0.07

Now,

Interest  = Principle × Rate × Time

or

$950 = Principle × 0.07 × 0.5

or

Principle = $950 ÷ 0.035

or

Principle = $27,142.86

Hence,

The loan amount was $27,142.86

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