Question

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?

Answer 1

I = PRT

348 = P * 0.0809 * 2

Solve for P

Answer 2

Okay, so then, 348 x .0809 x 2 will equal P?

Answer 3

348 = P * 0.0809 * 2

348 = 0.1618P

348/0.1618 = P

Answer 4

Oh okay!! Thank you!!!