If you take out a $1,000 loan for college at 7% interest, what is the principal?
2 answers:
Answer:
$1000.
Step-by-step explanation:
We have been given that you you take out a $1,000 loan for college at 7% interest. We are supposed to determine the principal amount.
Since we know that principal amount is the amount of borrowed money excluding the interest.
As you have borrowed an amount of $1000 as loan for college, therefore, principal amount is $1000.
The principal is the loan amount, $1,000
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Step-by-step explanation:
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