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LiRa [457]
3 years ago
8

You borrow money for 4 years. The total amount that you repay is $7,840, which includes $840 in simple interest. How much was th

e principal? What was the annual interest rate?
Mathematics
1 answer:
Lina20 [59]3 years ago
6 0

Answer:

  • principal: $7000
  • interest rate: 3%

Step-by-step explanation:

amount repaid = principal + interest

$7840 = principal + $840

$7000 = principal . . . . . . . . subtract $840 from both sides of the equation

___

I = Prt

840 = 7000·r·4

840/(4·7000) = r = 0.03 = 3%

The principal was $7000; the interest rate was 3%.

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<u><em>The law illustrated is Distributive Law</em></u>

This question is under a topic called algebra laws.

The laws are;

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Read more at; brainly.in/question/39479409?tbs_match=1

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2 years ago
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Butoxors [25]

Answer:

first 25%

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3 years ago
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Answer:

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Step-by-step explanation:

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