Asked by Tee

Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2½ years and the amount of interest was $1,320, how much did Katie borrow?
Answered by Ms. Sue
I = PRT

1,320 = P * 0.132 * 2.5

1,320 = 0.33P

1,320 / 0.33 = P

4,000 = P

Answered by Tee
Thanks for the help!!! ;)
Answered by Ms. Sue
You're welcome.

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