ged 7.5% annual simple intere

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Compute the specified quantity.
Your total payment on a 7 year loan, which charged 7.5% annual simple interest, amounted to $70,860. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
Transcribed Image Text:Compute the specified quantity. Your total payment on a 7 year loan, which charged 7.5% annual simple interest, amounted to $70,860. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
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