Kaitlyn's older brother borrowed money for school he took out a loan that charges 6% simple interest he will end up paying 720 a
nd interest after 6 years how much is Kaitlyn's brother borrow for school?
1 answer:
Answer: 2000
Step-by-step explanation:
Simple interest is calculated as:
(Principal × Rate × Time) / 100
We then slot the value into the formula. This would be:
720 = (P × 6 × 6)/100
720 × 100 = 36P
72000 = 36P
Principal = 72000/36
Principal = 2000
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