3 years ago

Money is borrowed at 7% simple interest. After one year, $884.89 pays off the loan. How much was originally borrowed?

Mathematics

1 answer:

777dan777 [17]3 years ago

7 0

Answer:

P = 827

Step-by-step explanation:

Simple Interest Rate Formula: A = P(1 + r)ⁿ

Step 1: Define variables

A = 884.89

r = 7%

n = 1 year

Step 2: Substitute

884.89 = P(1 + 0.07)¹

Step 3: Solve for <em>P</em>

884.89 = P(1.07)

P = 827

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