Question

Leo paid $2400 in interest on an amount borrowed for 10 years at a 4% annual simple interest rate.

How much did Leo borrow?

Answer 1

@bohotness

Answer 2

@dan815

Answer 3

o thanks i think it is 6000

Answer 4

???

Answer 5

@StudyGurl14

Answer 6

simple interest so
its agreed u just pay 4% of the 2400 every year

so 0.04 * 2400 = interest for 1 year
you do that for 10 years so 10*0.04*2400

Answer 7

ok so =96

Answer 8

right?

Answer 9

hello?

Answer 10

RELLY WHY DOES PEOPLE DO THIS TO ME I HATE IT WHEN YOU DOIT TO ME ALL I NEED IS THIS ONE QUESTION!!!!!?

Answer 11

@dan815

Answer 12

How did you get 96?

Answer 13

yes

Answer 14

thanks for helping me

Answer 15

\(\sf I = PRT\)

Where
I is interest
P is the amount borrowed
R is the interest rate
T is the time.

Answer 16

ok so is it like pemdas?

Answer 17

So they said that the interest rate is 4% or .04

They also said that the interest is 2400 so I = 2400

and T = 10 years

Answer 18

ok

Answer 19

Well basically all we have to do is use the formula and just solve for it :)

Answer 20

ok

Answer 21

so we multiply

Answer 22

So plugging in those numbers:

\(\sf I = P \times R \times T\)

Plug in the numbers:

\(\sf 2400 = P \times .04 \times 10\)

Solve for P

Answer 23

so it is p=4

Answer 24

Actually no.

Answer 25

ok

Answer 26

Solve for P

\(\sf 2400 = P \times .04 \times 10\)

So we need to divide by .04 and 10 on both sides so:

\(\sf\Large\frac{2400}{.04 \times 10} = \frac{P \times .04 \times 10}{.04 \times 10}\)

And if we simplify that we get

\(\sf\Large P = \frac{2400}{.04 \times 10}\)

Answer 27

ok

Answer 28

And btw, @dan815 was wrong lol :P

He thought that the P = 2400, when it actually is I = 2400

Answer 29

ok so it is 2400

Answer 30

No, do the multiplication in the denominator and then divide.

What is \(\sf .04 \times 10=?\)

Answer 31

it is 0.4

Answer 32

Correct. So then what is

\(\sf\Large\frac{2400}{.4}=?\)

Answer 33

it is 600

Answer 34

oh oops :) sry!!

Answer 35

i did not read the question

Answer 36

No, use a calculator.

If you don't have one, then remember that \(\sf\Large .4 = \frac{4}{10}\)

So then that means

\(\sf\Large\frac{2400}{.4}=\frac{2400}{\frac{4}{10}} = 2400 \div \frac{4}{10}=2400 \times \frac{10}{4}= \frac{2400 \times 10}{4}\)

Answer 37

yea thanks @dan815

Answer 38

ok

Answer 39

So what did you get? 600 is wrong.

Answer 40

ok it is 6000

Answer 41

right?

Answer 42

Correct! :)

Answer 43

ok so that is the answer

Answer 44

It is (:

Answer 45

ok thanks for stepingin and helping me other than dan815 thanks for saving the day

Answer 46

Anytime :D

Answer 47

have a nice day

Answer 48

I don't respond to tags really fast because I get to many of them. But if you need my help fast, tag me and also message me.

Have a great day (:

Answer 49

ok bye