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Sagot :
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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