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  • 5 years ago

a 12% simple interest loan was taken out and will be repaid in 18 months , with a payoff of $1062. how much is being borrowed?

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  1. gw2011
    • 5 years ago
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    The borrowed amount is $900. Here is how it was calculated: I=(P)(R)(T) where I=Interest, P=Principal, and T=Time $1062-P=(P)(0.12)(1.5) 1062-P=0.18P 1062=0.18P+P 1062=1.18P and P=$900

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