jazminewhitsett673 jazminewhitsett673
  • 03-09-2020
  • Mathematics
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Money is borrowed at ​8% simple interest. After one​ year, ​999.00$ pays off the loan. How much was originally​ borrowed?

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facundobuzzetti
facundobuzzetti facundobuzzetti
  • 08-09-2020

Answer:

PV= $925

Step-by-step explanation:

Giving the following information:

Money is borrowed at ​8% simple interest. After one​ year, ​$999 pays off the loan.

To calculate the original value of the loan, we need to use the following formula:

PV= FV/(1+i*n)

PV= 999/(1+0.08*1)

PV= $925

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