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Chapter 3: Q. 131 (page 334)

In the following exercises, solve.

Joshua鈥檚 computer loan statement said he would pay $1,244.34in interest for a 3-year loan at 12.4%. How much did Joshua borrow to buy the computer?

Short Answer

Expert verified

Joshua borrowed $3,345to buy the computer.

Step by step solution

01

Step 1. Given Information

Interest, I=1,244.34

Rate, r=12.4%

Time, t=3 years

02

Step 2. Simple interest formula

Simple interest,I=Prt

Substitute the known values,

1,244.34=P(0.124)(3)1244.34=0.372P

03

Step 3. Find P 

Solve the equation for P,

P=1,244.340.372=3345

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