Ask Question
31 August, 06:23

Money is borrowed at 8%simple interest. After one year $1284.12 pays off the loan. How much was originally borrowed?

+4
Answers (1)
  1. 31 August, 09:02
    0
    Interest: i = p * r * t.

    Here, p + interest = $1284.12. Thus,

    p + p * 0.08 * 1 = $1284.12. Simplifying,

    1.08p = $1284.12. Solving for p, p = $1189.

    The amount originally borrowed was $1189.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Money is borrowed at 8%simple interest. After one year $1284.12 pays off the loan. How much was originally borrowed? ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers