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Jayvion took out a simple interest loan to pay for some new furniture. If the loan was for 5 years at 12% and he paid $960 interest, how much money did he borrow?

Respuesta :

Space

Answer:

$544.73

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right

Algebra I

Simple Interest Rate Formula: [tex]\displaystyle A = P(1 + r)^t[/tex]

  • A is final amount
  • P is principle amount
  • r is rate
  • t is time

Step-by-step explanation:

Step 1: Define

A = 960

r = 0.12

t = 5

Step 2: Solve for P

  1. Substitute in variables [Simple Interest Rate Formula]:                                [tex]\displaystyle 960 = P(1 + 0.12)^5[/tex]
  2. [Interest] (Parenthesis) Add:                                                                            [tex]\displaystyle 960 = P(1.12)^5[/tex]
  3. [Interest] Evaluate exponents:                                                                        [tex]\displaystyle 960 = P(1.76234)[/tex]
  4. [Interest] [Division Property of Equality] Isolate P:                                        [tex]\displaystyle 544.73 = P[/tex]
  5. [Interest] Rewrite:                                                                                            [tex]\displaystyle P = 544.73[/tex]

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