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If you take out a $1,000 loan for college at 7% interest, what is the principal?

If you take out a $1,000 loan for college at 7% interest, what is the principal?
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If you take out a $1,000 loan for college at 7% interest, what is the principal?

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User BartekCh
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1 Answer

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The principal is the amount of the loan. the interest is completely separate. So, in this case, the answer is $1000.
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User Wolph
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