Question

To take out a loan from A bank charges an interest rate of 1.5% of the loan plus a 25 processing fee if the bank charge mr. Hernandez a total of $34 for a long how much did mr. Hernandez borrow

Answer 1

Answer:

$600

Step-by-step explanation:

The costs associated with the loan is:

$25 processing fee

1.5% interest, or, 1.5/100 = 0.015 of Loan

Total charge is given as $34, subtracting processing charge:

34 - 25 = $9 for interest

We now want:

What amount (loan amount we are looking for)'s 1.5% is $9??

We can say the amount to be "x", so we can write:

$x*0.015=9$

Hence, x is:

$x*0.015=9\\x=600$

Hence, Mr. Hernandez took a loan of $600