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A loan was repaid after 3 years, which included the principle and $600 more. Assume simple annual interest, find the principle amount. Take i=10%

A loan was repaid after 3 years, which included the principle and $600 more. Assume simple annual interest, find the principle amount. Take i=10%
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A loan was repaid after 3 years, which included the principle and $600 more. Assume simple annual interest, find the principle amount. Take i=10%

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User Rebecca Scott
by
8.6k points

1 Answer

2 votes

Answer: 2000

Work Shown

i = P*r*t

600 = P*0.10*3

600 = 0.3P

P = 600/0.3

P = 2000

answered
User Auburg
by
8.8k points
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