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At a rate of 4.25% over 24 months. If he pays $51.00 in interest, what was the original amount of his loan?

At a rate of 4.25% over 24 months. If he pays $51.00 in interest, what was the original amount of his loan?
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At a rate of 4.25% over 24 months. If he pays $51.00 in interest, what was the original amount of his loan?

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User DanielB
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1 Answer

2 votes
I = PRT.....rearrange.....P = I / RT

P = 51 / (0.0425* 2).....I used 2 because 24 months = 2 yrs
P = 51 / 0.085
P = 600 <===

answered
User Andrew Zhilin
by
7.7k points
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