Answer:
$600
Step-by-step explanation:
The costs associated with the loan is:
$25 processing fee
1.5% interest, or, 1.5/100 = 0.015 of Loan
Total charge is given as $34, subtracting processing charge:
34 - 25 = $9 for interest
We now want:
What amount (loan amount we are looking for)'s 1.5% is $9??
We can say the amount to be "x", so we can write:
[tex]x*0.015=9[/tex]
Hence, x is:
[tex]x*0.015=9\\x=600[/tex]
Hence, Mr. Hernandez took a loan of $600
