Problema Solution
Money is borrowed at 7% simple interest. After one year $1219.80 pays off the loan. How much was originally borrowed?
Answer provided by our tutors
Let money originally borrowed=$x.
Rate=0.07 and t=1 year.
So. x*0.07*1=1219.80
x=1219.80/0.07
x=17425.71
money originally borrowed=$17425.71