Reuben took out a loan for 146 days and was charged simple interest at an annual rate of 12.5% . The total interest he paid on the loan was $245 . How much money did Reuben borrow? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas . $

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...
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Reuben took out a loan for 
146
 days and was charged simple interest at an annual rate of 
12.5%
.
The total interest he paid on the loan was 
$245
.

How much money did Reuben borrow?
Assume that there are 
365
 days in a year, and do not round any intermediate computations.
If necessary, refer to the 
list of financial formulas
.

 

$
 
 
 
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