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Answer:
The principal borrow for loan is $1,500 .
Step-by-step explanation:
Given as :
The interest paid on simple interest = s.i = $240
The rate of simple interest applied = r = 4%
The time period for loan = t = 4 years
Let The principal borrow = $p
Now,<u> from Simple Interest method</u>
Simple Interest =
Or. s.i =
Or, $240 =
Or, $240 × 100 = 16 × p
Or, $24000 = 16 × p
∴ p =
i.e p = $1,500
So, The principal borrow for loan = p = $1,500
Hence, The principal borrow for loan is $1,500 . Answer