Amy got a $1,000 loan from her bank, and she had to repay $1,550. What are the principal and interest amounts in this transaction?
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A. principal is $1,000; interest is $1,550
B. principal is $1,550; interest is $550
C. principal is $1,000; interest is $550
can u give me the definitions of principal and interest amounts?
I think it's C but I'm not sure about the definitions of principal and interest :p