A student borrowed $40,000 for college and, over the course of the loan, repaid $55,000. What was the principal of the loan?
a- $95,000
b- $40,000
c- $15,000
d- $55,000
The principal of the loan is the original amount that was borrowed. Therefore, the principal is $40,000.
To find the principal of the loan, we need to subtract the total amount repaid from the borrowed amount.
Principal = Borrowed amount - Total amount repaid
Given that the student borrowed $40,000 and repaid $55,000, we can calculate the principal as follows:
Principal = $40,000 - $55,000
Principal = -$15,000
From the given options, none of them represents a negative principal.
Therefore, the correct answer is: None of the above
To find the principal of the loan, we need to subtract the amount repaid from the total loan amount.
In this case, the student borrowed $40,000 and repaid $55,000. To find the principal, we subtract the amount repaid from the total loan amount:
Principal = Total loan amount - Amount repaid
Principal = $40,000 - $55,000
Principal = -$15,000
Since the result is negative, it means that the amount repaid exceeds the total loan amount. This is not possible in this scenario, as the principal cannot be negative.
Therefore, none of the given options (a - $95,000, b - $40,000, c - $15,000, d - $55,000) are correct.
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