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Royce took out a 3 year loan to purchase a car at 4.5% simple interest. If he pays $405 in interest, how much principal did he borrow?

Respuesta :

maxamedsulayman1

Answer:

Royce took out a 3 year loan to purchase a car at 4.5% simple interest. If he pays $405 in interest, how much principal did he borrow?

mrgame1973

Answer:

Solution here,

Principal=?

Time =3 year

Rate of percent= 4.5

SIMPLE intrest=$405

Now

Principal=(SIMPLE INTREST × 100)/(TIME × RATE)

=$40500/13.5

=$3000

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