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Chapter 2: Q 539. (page 217)

Jaime鈥檚 refrigerator loan statement said he would pay $1,026 in interest for a four-year loan at 13.5%. How much did Jaime borrow to buy the refrigerator

Short Answer

Expert verified

Borrowed amount is equal to$1900.

Step by step solution

01

Step 1. Given information

Jaime鈥檚 refrigerator loan statement said he would pay 1,026in interest for a four-year loan at13.5%.

02

Step 2. Find borrowed amount.

Let P,r,tdenote amount borrowed, interest rate and time period respectively andIdenotes amount of interest.

role="math" I=$1,026r=13.5%

t=4years

1,026=P脳13.5脳4100P=1,026脳10013.5脳4=$1,900

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