Andy borrowed from the credit union for a 6 year term and was charged simple interest at an annual rate of 8%. The total interest that he paid was $2,400. How much money did he borrow?
Andy borrowed from the credit union for a 6 year term and was charged simple interest at an annual rate of 8%. The total interest that he paid was $2,400. How much money did he borrow?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 69P
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Transcribed Image Text:Andy borrowed from the credit union for a 6
year term and was charged simple interest at
an annual rate of 8%. The total interest that
he paid was $2,400.
How much money did he borrow?
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