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Victor borrowed money at 5.25 percent simple annual interest. At the end of the year, the interest on the loan is $255.94. What was the amount of the loan?

Victor borrowed money at 5.25 percent simple annual interest. At the end of the year, the interest on the loan is $255.94. What was the amount of the loan?
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7 votes
Victor borrowed money at 5.25 percent simple annual interest. At the end of the year, the interest on the loan is $255.94. What was the amount of the loan?

asked
User Geeehhdaa
by
7.7k points

1 Answer

10 votes
The amount of the loan was
$4,875.24Given:interest
255.94rate = 5.25%term
yearsimple.
answered
User Andrew Deniszczyc
by
7.9k points
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