12% of x is equal to 240 where x is the total loan
12% as a fraction = [tex] \frac{12}{100} [/tex]
[tex] \frac{12}{100} [/tex] of x is equal to 240
[tex] \frac{12}{100} [/tex] × x = 240
[tex] \frac{12x}{100} [/tex] = 240
12x = 24000
x = 2000
The total loan was $2000.
