The following information is known about a loan. time = 7 years interest rate = 6% interest = $840.00 what was the principal on the loan?
Answer:
The principal on the was $2000.
Step-by-step explanation:
We know that,
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where,
i = interest,
P = principal,
r = rate of interest,
t = time.
Putting the given values,
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Therefore, the principal on the was $2000.