Question

A loan officer provides a simple interest loan at a rate of 10% after two years you have paid the entire principle plus $95 in interest what is the original principal amount of your loan 

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$ 95\\ P=\textit{original amount deposited}\\ r=rate\to 10\%\to (10)/(100)\dotfill &0.1\\ t=years\dotfill &2 \end{cases} \\\\\\ 95 = (P)(0.1)(2) \implies \cfrac{95}{(0.1)(2)}=P\implies 475=P`