Compute the specified quantity. Your total payment on a 5 year loan, which charged 8.5% annual simple interest, amounted to $50,160. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.) $ 118023.53 x
Compute the specified quantity. Your total payment on a 5 year loan, which charged 8.5% annual simple interest, amounted to $50,160. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.) $ 118023.53 x
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you