A bank gives you a simple interest loan at a rate of 5.5%. After 3 years you have paid the entire principal plus $41.91 in interest. What was the original amount of your loan

Question

Nyla Hogan

Mathematics

2 January, 05:17

A bank gives you a simple interest loan at a rate of 5.5%. After 3 years you have paid the entire principal plus $41.91 in interest. What was the original amount of your loan

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Albert Mills · Answer 1

It will equate to about $35.97 if you wish to check the math you take 35.97 multiply it by 5.5% getting 1.97835 or 5.93505 for the whole three years add it to 35.97 and get 41.90505