Simple Interest Question?
Please I need help with this question
Martha lent Aaron money 3 years ago at a simple interest rate of 14%. He repaid her in full plus interest of $399. How much did she lend him 3 years ago?
- Anonymous9 years agoBest Answer
P = principal
I = interest earned annually
Want P + 3I = 399
Also, we know that I = 0.14P
So, P + 3(0.14)P = 399
1.42 P = 399
P = 399 / 1.42 <---- amount loaned 3 years ago
- Anonymous9 years ago
Oh my goodness. I'm completely blanking. I just learned this 2 months ago in math class. Damn, if my Math teacher was here, he would be yelling at me. Sorry.