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elsa took out a 2 year loan to buy a car at a 6% simple interest rate. if she has to pay 264 in interest how much principal did she borrow

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altavistard

Answer:

p = ----------- = $4,400

Step-by-step explanation:

The formula for simple interest is i = prt, where r is the interest rate expressed as a decimal fraction.

We want to calculate the principal.  Solving the above formula for p, we get:

         i

p = -------

        rt

So if r = 0.06, t = 1 yr and i = $264,  the principal in this particular case is

      $264

p = ----------- = $4,400

      0.06(1)

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