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Natasha2012 [34]
3 years ago
14

Amy got a $1,000 loan from her bank, and she had to repay $1,550. What are the principal and interest amounts in this transactio

n?
Mathematics
2 answers:
BARSIC [14]3 years ago
7 0
The principal is $1,000 and the interest is $550.   
ASHA 777 [7]3 years ago
3 0

Answer:

Principal = $ 1,000

Interest = $ 550

Step-by-step explanation:

Given,

The total amount of the loan = $ 1,000

Since, the amount of the loan is called principal amount of the loan,

Thus, principal amount of the loan is $ 1,000

Now, the amount she return = $ 1,550,

Hence, the interest she paid = amount returned - principal amount

= $ 1550 - $ 1000

= $ 550

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