Question

money is borrowed at 13% simple interest. after one year, $1007.96 pays off the loan. how much was originally borrowed?

Answer 1

\(\bf Balance= P(1+rt)
\\ \quad \\
r=13\%\implies \cfrac{13}{100}\implies 0.13\qquad t=1\qquad Balance=1007.96
\\ \quad \\
P=\textit{original amount or Principal}
\\ \quad \\
Balance= P(1+rt)\implies \cfrac{Balance}{(1+rt)}=P\)

Answer 2

Thnk you very much!

Answer 3

yw