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6 April, 10:27

At a rate of 4.25% over 24 months. If he pays $51.00 in interest, what was the original amount of his loan?

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  1. 6 April, 11:45
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    I = PRT ... rearrange ... P = I / RT

    P = 51 / (0.0425 * 2) ... I used 2 because 24 months = 2 yrs

    P = 51 / 0.085

    P = 600 <===
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