State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)

Question

​State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)

Ms. Sue · Accepted Answer

I = PRT 934.2 = P * 0.12 * 1 934.2 = 0.12P 934.2/0.12 = P 7,785 = P

​State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)

State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)