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Aaron borrowed money to start a new business. The simple interest rate on the loan is 2.5%. He will pay back the loan by making a total of 12 payments of $266.50 each. How much …

Aaron borrowed money to start a new business. The simple interest rate on the loan is 2.5%. He will pay back the loan by making a total of 12 payments of $266.50 each. How much …
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1 vote
Aaron borrowed money to start a new business. The simple interest rate on the loan is 2.5%. He will pay back the loan by making a total of 12 payments of $266.50 each. How much did he borrow?

asked
User Phse
by
8.2k points

1 Answer

6 votes
Answer
6.6944


Explanation
2.5x1/100=2.5/100
266.50x2.5/100x12=6.6944
answered
User Sereger
by
8.5k points
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