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12 July, 18:05

Money is borrowed at 8%simple interest. After one year $1284.12 pays off the loan. How much was originally borrowed?

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  1. 12 July, 18:16
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    Interest: i = p * r * t.

    Here, p + interest = $1284.12. Thus,

    p + p * 0.08 * 1 = $1284.12. Simplifying,

    1.08p = $1284.12. Solving for p, p = $1189.

    The amount originally borrowed was $1189.
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