Question

Kaitlyn's older brother borrowed money for school he took out a loan that charges 6% simple interest he will end up paying 720 and interest after 6 years how much is Kaitlyn's brother borrow for school? ​

Answer 1

Answer: 2000

Step-by-step explanation:

Simple interest is calculated as:

(Principal × Rate × Time) / 100

We then slot the value into the formula. This would be:

720 = (P × 6 × 6)/100

720 × 100 = 36P

72000 = 36P

Principal = 72000/36

Principal = 2000