kristenmfarmer0822 kristenmfarmer0822

21-09-2022
Mathematics

contestada

Taylor took out a 1,500$ discounted loan calculated using a simple interest rate of 2.5% for a period of 4 years. How much money does Taylor receive initially?

Respuesta :

topeadeniran2 topeadeniran2

22-09-2022

The initial amount that Taylor receive initially is $1500.

How to calculate the value?

Based on the information given, the following can be illustrated:

Interest = 1500

Time = 4 years

Rate = 2.5%

Principal = Unknown

Interest = PRT/100

1500 = (P × 4 × 2.5)/100

150000 = 10P

Divide

P = 150000/100

P = 1500

The initial amount is $1500.

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