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3 May, 14:10

James took out a loan at a rate of 8.5% for six months he had to pay back $1876.50. how much did he borrow

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  1. 3 May, 16:59
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    1. James took out a loan at a rate of 85% for siz months.

    Then he had to pay back 1 876.50 dollars in six months.

    Let’s find out how much did James originally borrowed before it has an interest rate:

    => 1 876.50 dollars is the amount he paid with 8.5% interest already.

    => 8.5% / 100 =.085

    Now, let’s multiply

    => 1 876.50 *.085 = 159.5025

    we now have the value of 159.5025, Now subtract,

    => 1 876.50 - 159.5025 = 1716.9975 or approximately 1717 dollars.
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