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Chapter 3: Q. 132 (page 334)

In the following exercises, solve.

Margaret鈥檚 car loan statement said she would pay $7,683.20in interest for a 5-year loan at 9.8%. How much did Margaret borrow to buy the car?

Short Answer

Expert verified

Margaret borrowed $15,680to buy the car.

Step by step solution

01

Step 1. Given information

Interest,I=7683.20

Rate,r=9.8%

Time,t=5

02

Step 2. Simple interest formula

Simple interest,I=Prt

Substitute the known values,

7683.20=P(0.098)(5)7683.20=0.49P

03

Step 3. Find P 

Solve the equation for P,

P=7683.200.49=15,680

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