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Chapter 2: Q. 158 (page 131)

Margaret鈥檚 car loan statement said she would pay $7,683.20 in simple interest for a

five-year loan at 9.8%. How much did Margaret borrow to buy the car?

Short Answer

Expert verified

Borrowed money is $15680.

Step by step solution

01

Given information.

Interest,I=$7683.20Time,t=5yearsRate,r=9.8%=0.098Principal,P=?

02

Calculate the principal amount.

Use the following formula and solve for unknown value.

I=Prt7683.2=P脳0.098脳57683.2=0.49PP=15680


So, required principal amount is $15680

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