2 years ago

How much was your loan

Mathematics

1 answer:

leonid [27]2 years ago

8 0

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.

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