How much money was borrowed at 15% simple interest for 18 months if the interest paid was $300?
300 = 15% ( x) /18
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Assuming an annual interest rate, let P be the principal, and you have:
Now solve for P.
thanks ... but the answer gives answer as $ 13,333.33
im beginning to confuse now
You should get 1/10th that...
what do you mean? 1/10? what is the implication of the 1/10th?
1/10th of 13,333.33 is 1,333.33
Your result is ten times too large.
do you mean that answer from the book wrong?
Either that, or the intended interest is 1.5% or the intended interest paid is $3000.00
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