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Populaire Word Problems >

Money is borrowed at 11% simple interest. After one year, 607.17 pays off the loan. How much was originally borrowed?

Solution

M o n ey i s b orro w e d a t 11​% s im pl e in t eres t . A f t er o n e ​ ye a r, ​607.17 p a ys o ff t h e l o an . Ho w m u c h w a s or i g ina ll y ​ b orro w e d ?

Solution

Principal : 547

étapes des solutions

Translate the problem into an equation:

607.17 = P (1 + 0.11 \cdot 1)

Solutionner pour

P, 607.17 = P (1 + 0.11 \cdot 1) : P = 547

Principal : 547

Exemples populaires

Nine times a number diminished by 4 is 95 How much would you need to deposit in an account now in ordonner to have 4000 in the account in 5 years? Assume the account earns 4% interest compounded monthly.two times a number 13 is 5 greater than half a number Hope invests 8,000 into an account that compounds monthly at an interest rate of 6%. How much money will Hope have in the account after 10 years?