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?

Question

Mathematics

Imani Flynn

12 July, 17:17

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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Answers (1)

Know the Answer?

Shane Wright · Answer 1

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.