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Popular Word Problems >

a man paid the bank 4080 at the end of 3 years. this was the amount borrowed plus 12% interest for 3 years. how much money had he borrowed

Solution

a man p ai d t h e bank 4080 a t t h e e n d o f 3 ye a rs . t hi s w a s t h e am o u n t b orro w e d pl u s 12% in t eres t f or 3 ye a rs . h o w m u c h m o n ey ha d h e b orro w e d

Solution

Principal : 3000

Solution steps

Translate the problem into an equation:

4080 = P (1 + 0.12 \cdot 3)

Solve for

P, 4080 = P (1 + 0.12 \cdot 3) : P = 3000

Principal : 3000

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