Lisa borrowed money at a 6% simple interest rate. IF she paid back a total of $8000 at the end of 10 years, how much did she ori
ginally borrow? Write your answer appropriately as dollars and cents.
1 answer:
Answer:
The original amount borrowed = $4,467.158
Explanation:
We need to determine the present value
Present value = FV/((1+r)^n)
FV = $8,000
r = 6%
n = 10
Inserting the figures in the formula mentioned above:
PV = $8,000/(1+0.06)^10
PV = $4,467.158
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