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March 27, 2017

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Dr. Collins borrowed some money to buy new furniture for her office. She paid $720.00 simple interest on a 7.5-year loan at 16%. Find the principal.

  • math - ,

    I = prt

    720 = p * 7.5 * 0.16
    720 = 1.2p
    720/1.2 = p
    600 = p

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