Question
4% interest on a loan was $220.00 how much was the loan?
Answers
GPT 3.5
Let's assume the amount of the loan is x dollars.
We know that the interest on the loan is 4% of the loan amount, which can be represented as 0.04x.
We are given that the interest on the loan is $220.00, so we can set up the equation:
0.04x = $220.00
To solve for x, we can divide both sides of the equation by 0.04:
x = $220.00 / 0.04
x = $5500.00
Therefore, the loan amount is $5500.00.
We know that the interest on the loan is 4% of the loan amount, which can be represented as 0.04x.
We are given that the interest on the loan is $220.00, so we can set up the equation:
0.04x = $220.00
To solve for x, we can divide both sides of the equation by 0.04:
x = $220.00 / 0.04
x = $5500.00
Therefore, the loan amount is $5500.00.