Question

Scott takes gets a student loan to go to college after high school. If he pays $750 in interest at a rate of 3%, how much must the loan have been for originally?

Answer 1

Answer: The loan have been $2500 originally.

Step-by-step explanation:

Since we have given that

Interest = $750

Rate of interest = 3%

Number of year = 1

Let P be the principal amount .

So, According to question, we get that

$750=\dfrac{P\times R\times T}{100}\\\\750=\dfrac{P\times 3\times 1}{100}\\\\\dfrac{750\times 100}{3}=P\\\\ 2500=P$

Hence, the loan have been $2500 originally.