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Back to 6.4 Solve Simple Interest Applications

6.4 Exercise 56

Avg difficulty 2.5

Solve the problem using the simple interest formula.

Joshua's computer loan statement said he would pay $1,244.34\$\text{1},\text{244}.\text{34} in interest for a 33 year loan at 12.4%.\text{12}.\text{4}\% . How much did Joshua borrow to buy the computer?

OpenStax Prealgebra 2e, 6.4 Solve Simple Interest Applications, exercise 56

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Adapted from Prealgebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Prealgebra 2e. Imported at revision 77a933c.