Question

13. Dr. Jones took out a loan for a new medical instrument cleaning system. The interest paid on the loan was $650. The loan was for 24 months, and the interest rate was 2.75%. How much money did Dr. Jones borrow?

Answer 1

Given that the loan is paid for 24 months or 2 years and the interest rate is 2.75% which is $650. In order for us to find the amount that Dr. Jones borrowed, let us put it this way. ? x 0.0275 = 650. So we divide 650 by 0.0275 and the answer is 23,636.36. Hope this answers your question.