punkmartin38
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Joe overheard his father complaining about having to pay $300 in interest in just one year. The simple annual interest rate was 16%. How much money did Joe’s father borrow?

Respuesta :

clarch19

Answer:

$1,875

Step-by-step explanation:

Interest = Principal x Rate x Time

Principal = amount of money borrowed

I = $300

r = 16% or .16

t = 1 (year)

300 = .16P

300/.16 = P

P = $1,875

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