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You just finished paying your car off and you noticed that you paid a total of $6,900 in
Interest for 6 years and at a Interest rate of 5%. Knowing all this what was the original
amount you borrowed? (be sure to include cents. Example if you got $34 dollars as an
answer you need to type in $34.00)

Respuesta :

Answer: $23000

Step-by-step explanation:

The formula for interest will be:

Interest = Principal × Rate × Time

We'll then slot in the values given and this will be:

6900 = Principal × 5% × 6

6900 = Principal × 0.05 × 6

6900 = Principal × 0.3

Principal = 6900/0.3

Principal = 23000

The amount borrowed is $23000

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