Money is borrowed at 14% simple interest. After one year, $1249.44 pays off the loan. How much was originally borrowed? I got $1096 for the amount of the original loan, but I'm not sure if to right.
The formula is A=p (1+rt) A future value 1249.22 P present value ? R interest rate 0.14 T time 1 year We need to solve for p P=A÷(1+rt) P=1,249.22÷(1+0.14×1) P=1,095.81 round your answer P=1096
