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28 November, 17:15

if you take out a loan that cost $561.60 over 8 years at an interest rate of 9% how much was the loan for?

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  1. 28 November, 18:44
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    Answer: $780

    Step-by-step explanation:

    From the question,

    Principal = Unknown

    Rate = 9%

    Time = 8 years

    Interest = $561.60

    Since Interest = PRT/100

    where P = Principal

    R = Rate

    T = Time

    561.6 = (P * 9 * 8) / 100

    561.60 = 72P/100

    Cross multiply

    561.60 * 100 = 72P

    56160 = 72P

    Divide both side by 72

    56160/72 = 72P/72

    P = 780

    The principal is $780.
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