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Popular Word Problems >

Elsa took out a 2-year loan to buy a car at a 6% simple interest rate. If she has to pay 264 in interest, how much principal did she borrow?

Solution

El s a t oo k o u t a 2 - ye a r l o an t o b u y a c a r a t a 6% s im pl e in t eres t r a t e . I f s h e ha s t o p a y 264 in in t eres t, h o w m u c h p r in c i p a l d i d s h e b orro w ?

Solution

Principal : 2200

Solution steps

Translate the problem into an equation:

264 = P \cdot 0.06 \cdot 2

Solve for

P, 264 = P \cdot 0.06 \cdot 2 : P = 2200

Principal : 2200

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