Your total payment on a 2 year loan, which charged 9.5% annual simple interest, amounted to $70,560. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
Your total payment on a 2 year loan, which charged 9.5% annual simple interest, amounted to $70,560. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
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...
Related questions
Question
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you