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The simple interest paid on a loan after 2 and 1/2 years was $11.25. The annual interest rate was 1.5%. What was the principle?

The simple interest paid on a loan after 2 and 1/2 years was $11.25. The annual interest rate was 1.5%. What was the principle?
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The simple interest paid on a loan after 2 and 1/2 years was $11.25. The annual interest rate was 1.5%. What was the principle?

asked
User Matt Hinze
by
7.4k points

1 Answer

5 votes
$7.91 takes it to 11.245 which rounds to 11.25
answered
User Soveran
by
8.4k points
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