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bmlewis:
Victor borrowed money at 5.25 percent simple annual interest. At the end of the year, the interest on the loan is $255.94. What was the amount of the loan? $13.44 $134.37 $1,343.69 $4,875.05
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Mercury:
simple interest: interest = principal * interest rate as a decimal * time in your case, interest = $255.94, interest rate = 0.0525, and time = 1 year. plug these values in and solve for the principal
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