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Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?​

Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?​
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Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?​

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User Jjramos
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8.1k points

1 Answer

4 votes
P is the principal, the $120
R is the rate, 6% changed to .06
N is how often it’s compounded (annually, semiannually, daily, monthly)
T is time, a specific question on how long it took. It can be random, 6 years, 2 years, 12 years, etc.
Based on simple interest, how much money would you have borrowed at 6% annual interest-example-1
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User Laidibug
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7.8k points
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