Your total payment on a 6-year loan, which charged 8% annual simple interest, amounted to $20,160....
Your total payment on a 6-year loan, which charged 8% annual simple interest, amounted to $20,160. How much did you originally borrow? HINT [See Example 4.] (Round your answer to the nearest cent.)
Homework Answers
Interest = 20160
Rate = 8%
Term = 6
Solve for Principal
Interest = Principal * Rate * term
20160 = Principal * 8%* 6
Principal = 20160 / (8%*6) = 42000
Original amount = $42000
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