Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?

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12-11-2020
Mathematics

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Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?

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yusraahussain05 yusraahussain05 · Answer 1 · 2020-11-12T03:10:44+01:00

yusraahussain05 yusraahussain05

12-11-2020

P is the principal, the $120
R is the rate, 6% changed to .06
N is how often it’s compounded (annually, semiannually, daily, monthly)
T is time, a specific question on how long it took. It can be random, 6 years, 2 years, 12 years, etc.

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Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?​

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Based on simple interest, how much money would you have borrowed at 6% annual interest if your interest payment for one year was $120?