Question

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?

Answer 1

I = PRT

1,320 = P * 0.132 * 2.5

1,320 = 0.33P

1,320 / 0.33 = P

4,000 = P

Answer 2

Thanks for the help!!! ;)

Answer 3

You're welcome.