Compute the specified quantity. Your total payment on a 8 year loan, which charged 6.5% annual simple interest, amounted to $40,660. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
Added by Jennifer W.
Step 1
The formula for simple interest is I = PRT, where I is the interest, P is the principal (the original amount borrowed), R is the rate of interest per year in decimal form, and T is the time the money is borrowed for in years. In this case, we know the total Show more…
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