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Wewaii [24]
3 years ago
13

At a rate of 4%, you paid $144.00 in interest over a two-year period. What was the original amount of your loan?

Mathematics
1 answer:
baherus [9]3 years ago
6 0
Principal is the same as original amount. 
<span>1. You convert the rate % to a decimal number. (divide by 100) </span>

<span>2. Substitute: </span>

<span>P = 144 / (.04 x 2) </span>

<span>3. Solve: </span>

<span>P = 144 / .08 </span>
<span>P = 1,800 </span>

<span>4. Your answer is $1,800</span>
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