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Elsa took out a 2-year loan to buy a car at a 6% simple interest rate. If she has to pay 264 in interest, how much principal did she borrow?

Solution

Elsa took out a 2-year loan to buy a car at a 6% simple interest rate. If she has to pay 264 in interest, how much principal did she borrow?

Solution

Principal : 2200

Solution steps

Translate the problem into an equation:

264 = P \cdot 0.06 \cdot 2

Solve for

P, 264 = P \cdot 0.06 \cdot 2 : P = 2200

Principal : 2200

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