Abank gives you a simple interest loan at a rate of 8.5%. after 5 years you have paid the entire principal plus 101.58 interest. what was the original principal amount of your loan

The principal amount on which the bank gives loan is $ 239.0117

Step-by-step explanation:

Given as :

The rate of interest = 8.5 % at simple interest

The time period of the loan = 5 years

The interest amount = $ 101.58

Let The principal amount = $ p

From simple interest method

Simple interest =

Or, $ 101.58 =

Or, $ 101.58 × 100 = 42.5 × p

Or, $ 10158 = 42.5 × p

∴ p =

I.e p = $ 239.0117

So, The principal amount =  p = $ 239.0117

Hence The principal amount on which the bank gives loan is $ 239.0117 Answer

linear

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25

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