   Chapter 10, Problem 30AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2 1 2 years and the amount of interest was $1,320, how much did Katie borrow? To determine To calculate: The amount of principal borrowed on credit where person K borrowed from C union at the rate of interest of 13.2%, the time period in which money is repaid is 212 years and interest amount is$1,320.

Explanation

Given Information:

Person K borrowed from C union at the rate of interest of 13.2%, the time period in which money is repaid is 212 years and interest amount is $1,320. Formula used: The formula to compute the principal amount is, P=IRT Where P is the principal amount, I is the amount of interest, R is the rate of interest, T is the time period. Calculation: Consider that rate of interest is 13.2%, the time period is 212 years and interest amount is$1,320

Simplify the rate of interest as,

13.2%=13

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