Question

A person takes a simple interest loan at 7.5%. After 6 months, the amount of interest on the loan is $69.64. What was the amount of the loan?

Please help me. I have been working on this for awhile.

Answer 1

0.0375*x = 69.64
x = 1857.07

I used .0375 instead of .075 because it was only half a year