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Daniel paid interest of 1,020 in 5years at12%per annum on a loan. Hw much did he borrow

Daniel paid interest of 1,020 in 5years at12%per annum on a loan. Hw much did he borrow
asked 41.3k views
5 votes
Daniel paid interest of 1,020 in 5years at12%per annum on a loan. Hw much did he borrow

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User BlaShadow
by
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1 Answer

5 votes
I = Prt
I=1020
r=0.12 (12% converted to decimal by dividing by 100)
t=5
1020=P(0.12)(5)
1020=P(0.6)
P=1700
answered
User MewX
by
7.2k points
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