Compute the specified quantity. Your total payment on a 3 year loan, which charged 10% annual simple interest, amounted to $70,760. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
Compute the specified quantity. Your total payment on a 3 year loan, which charged 10% annual simple interest, amounted to $70,760. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
Question
100%
![Compute the specified quantity.
Your total payment on a 3 year loan, which charged 10% annual simple interest, amounted to $70,760. How much did you
originally borrow (in dollars)? (Round your answer to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aa5e7b2-0ffd-4b63-8fbc-fc140c8f3b96%2F142f6139-a26d-429f-bbc0-4f07328c60cd%2Ft1yb8d_processed.png&w=3840&q=75)
Transcribed Image Text:Compute the specified quantity.
Your total payment on a 3 year loan, which charged 10% annual simple interest, amounted to $70,760. How much did you
originally borrow (in dollars)? (Round your answer to the nearest cent.)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Intermediate Algebra](https://www.bartleby.com/isbn_cover_images/9780998625720/9780998625720_smallCoverImage.gif)
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
![Intermediate Algebra](https://www.bartleby.com/isbn_cover_images/9780998625720/9780998625720_smallCoverImage.gif)
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)