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PLEASE HELP I AM BEGGIN YOU EXTRA POINTS AND BRAINLIEST PLEASE !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Jessica took out a loan from the bank at a simple interest rate of 4%. After making payments for three years, she paid a total of $840 in interest. What was the principal, or original amount of money, of Jessica’s loan?

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Sagot :

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Answer:

$7000

Step-by-step explanation:

1. Approach

To solve this problem, one must first find the amount of interest paid in (1) year, then set up a proportion to find out the amount of money that was taken out in the loan. It is given that the interest rate is (4%), and the interest paid after (3) years is ($840).

2.Find the amount paid in 1 year

First, one must find the interest paid in (1) year, this can be done by dividing the interest paid in (3) years by (3).

840 ÷ 3 = 280

3.Find the original amount in the loan

Now set up the proportion, remember, the general format for a proportion is the following,

[tex]\frac{part}{whole}=\frac{percent}{100}[/tex]

Substitute in the given parameters,

[tex]\frac{intereset}{loan}=\frac{rate}{100}[/tex]

Substitute in the values of the parameters,

[tex]\frac{280}{loan}=\frac{4}{100}[/tex]

Cross products,

[tex]28000=4(loan)[/tex]

Inverse operations,

[tex]7000=loan[/tex]

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