Question

At a rate of 4% you paid $144 in interest over to year. What was the original amount of your loan

Answer 1

$\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &\ 144\\ P=\textit{original amount deposited}\\ r=rate\to 4\%\to \frac{4}{100}\to &0.04\\ t=years\to &1 \end{cases} \\\\\\ 144=P(0.04)(1)\implies \cfrac{144}{(0.04)(1)}=P\implies 3600=P$