Asked by Alexa

marisol owed $384 in interest after a 24 month loan with a simple interest rate of 8.09%. What was the initial amount of the loan?
Answered by Ms. Sue
I = PRT

348 = P * 0.0809 * 2

Solve for P
Answered by Alexa
Okay, so then, 348 x .0809 x 2 will equal P?
Answered by Ms. Sue
348 = P * 0.0809 * 2

348 = 0.1618P

348/0.1618 = P

Answered by Alexa
Oh okay!! Thank you!!!
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