Answer:
Your loan was for $16,000.
Step-by-step explanation:
The formula for simple interest is i = prt, where p is the principal, r is the interest rate as a decimal fraction, and t is the time in years.
If i = prt, then p = i / (rt)
Here, p = ($1200) / 0.075 = $16,000
Your loan was for $16,000.
