Royce took out a 3 year loan to purchase a car at 4.5% simple interest. If he pays $405 in interest, how much principal did he b

Question

3 years ago

13

orrow?

2 answers:

lapo4ka [179] · Answer 1 · 2022-10-15T04:32:05+03:00

6 0

Answer:

Royce took out a 3 year loan to purchase a car at 4.5% simple interest. If he pays $405 in interest, how much principal did he borrow?

Montano1993 [528] · Answer 2 · 2022-10-15T06:25:52+03:00

4 0

Answer:

Solution here,

Principal=?

Time =3 year

Rate of percent= 4.5

SIMPLE intrest=$405

Now

Principal=(SIMPLE INTREST × 100)/(TIME × RATE)

=$40500/13.5

=$3000