Money is borrowed at 18% simple interest. after one year, $610.06 pays off the loan. how much was originally borrowed?

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05-09-2022
Mathematics

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Money is borrowed at 18% simple interest. after one year, $610.06 pays off the loan. how much was originally borrowed?

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AmitPaswanidn AmitPaswanidn · Answer 1 · 2022-09-08T07:56:56-04:00

The original amount borrowed was $517.

Simple Interest is the method to calculate the interest charged for a given number of years and given rate , in simple interest the principle remains same for each year.

Simple interest =[tex]\frac{P*R*T}{100}[/tex]

where P= principle, R=rate in % , T= time

We know that Amount= Principle+ Simple Interest........(1)

According to the question

Amount=$610.06

Rate=18%

time = 1yr

Substituting the value in equation (1) we get

[tex]610.06=P+\frac{P*18*1}{100}[/tex]

[tex]610.06=\frac{100P+18P}{100}[/tex]

[tex]610.06=\frac{118P}{100}[/tex]

[tex]61006=118P[/tex]

[tex]P=\frac{61006}{118}[/tex]

[tex]P=517[/tex]

Therefore , The original amount borrowed was $517.

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