Suppose that you took out a loan at 7% interest for 192 days. If the amount of interest was \$149.33, use the ordinary interest method to find the amount of principal you borrowed. Round to the nearest whole dollar amount.
Suppose that you took out a loan at 7% interest for 192 days. If the amount of interest was \$149.33, use the ordinary interest method to find the amount of principal you borrowed. 149.33 = P * .07 * 192/360 149.33 = P * 0.037333 P = 149.33 / 0.037333 P = 3999.91 The amount of principal you borrowed, rounded to the nearest whole dollar is \$4,000.
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Question
Updated 12/21/2014 8:31:43 PM
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3
Suppose that you took out a loan at 7% interest for 192 days. If the amount of interest was \$149.33, use the ordinary interest method to find the amount of principal you borrowed.
149.33 = P * .07 * 192/360
149.33 = P * 0.037333
P = 149.33 / 0.037333
P = 3999.91
The amount of principal you borrowed, rounded to the nearest whole dollar is \$4,000.

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