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.

  1. 👍 0
  2. 👎 0
  3. 👁 163
  1. I = prt

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

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math(simple interest)

    A person borrows two equal sums of money at the time at 5% and 3.75% simple interest respectively & finds that if he repays the former sum a year before the latter the amount paid in each case is the same that is Rs.736. Find the

    asked by Ann on January 8, 2017
  2. math

    Ms. Jackson borrowed $42,000 at 8.75% annual simple interest to buy her house. If she won the Irish Sweepstakes exactly 1 yr later and was able to repay the loan without penalty, how much interest would she owe?

    asked by Mike on January 18, 2010
  3. read

    1.Mr. Collins says he is proposing to Elizabeth because A. Elizabeth personality will displease lady Catherine B.Elizabeth has shown her affection for him C. he knows Elizabeth will inherit a lot of money D. as the heir, he feels

    asked by Cindy on April 13, 2017
  4. math 1324

    a natural history museum borrowed $2,000,000 at simple annual interest to purchase new exhibits. Some of the money was borowed at 7%, some at 8.5%, and some at 9.5%. Use a system of linear equations to determine how much was

    asked by Anonymous on May 3, 2016
  5. math

    Karla borrowed $750 at 12 percent for one year. She paid a $20 processing fee. The interest paid will be $95.00, $92.50, or $90.00 Thus, the total finance charge (the interest plus the processing fee) will be? $115.00, $112.50, or

    asked by Kim on January 27, 2010
  1. maths

    A sum of money borrowed at a particular rate of interest amounts of Rs 8320 in 2years and Rs 9685 in 3 and half years.Find the sum borrowed.

    asked by boilen on July 26, 2016
  2. Math

    Katie Chalmers borrowed money from her credit union at 13.2% simple interest to buy furniture. If the loan was repaid in 2½ years and the amount of interest was $1,320, how much did Katie borrow?

    asked by Tee on June 19, 2013
  3. English

    1. Will you lend me some money? 2. He lent me some money. 3. Can I borrow you some money? 4. Can I borrow some money from you? 5. I borrowed some money from him. 6. He borrowed some money from me. (Are the sentences grammatical?

    asked by rfvv on November 20, 2009
  4. math

    Diane Van Os decided to buy a new car since her credit union was offering such low interest rates. She borrowed $32,000 at 3.5% on December 26, 2012, and paid it off February 21, 2014. How much did she pay in interest?(Assume

    asked by Evelyn on September 11, 2015
  5. math

    An amount of $27,000 is borrowed for 6 years at 8.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

    asked by Jane on May 5, 2015

You can view more similar questions or ask a new question.