Jayvion took out a simple interest loan to pay for some new furniture. If the loan was for 5 years at 12% and he paid $960 inter
est, how much money did he borrow?
1 answer:
Answer:
$544.73
General Formulas and Concepts:
<u>Pre-Algebra</u>
Order of Operations: BPEMDAS
- Brackets
- Parenthesis
- Exponents
- Multiplication
- Division
- Addition
- Subtraction
<u>Algebra I</u>
Simple Interest Rate Formula:
- A is final amount
- P is principle amount
- r is rate
- t is time
Step-by-step explanation:
<u>Step 1: Define</u>
A = 960
r = 0.12
t = 5
<u>Step 2: Solve for </u><em><u>P</u></em>
- Substitute in variables [Simple Interest Rate Formula]:
- [Interest] (Parenthesis) Add:
- [Interest] Evaluate exponents:
- [Interest] [Division Property of Equality] Isolate <em>P</em>:
- [Interest] Rewrite:
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