Compute the specified quantity. Your total payment on a 7 year loan, which charged 8% annual simple interest, amounted to $70,460. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.) $

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
icon
Related questions
Question
Compute the specified quantity.
Your total payment on a 7 year loan, which charged 8% annual simple interest, amounted to $70,460. How much did you
originally borrow (in dollars)? (Round your answer to the nearest cent.)
$
Transcribed Image Text:Compute the specified quantity. Your total payment on a 7 year loan, which charged 8% annual simple interest, amounted to $70,460. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.) $
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College