15.)If the amount payable in two years is $2,372 for a simple loan at 4 percent...
15.)If the amount payable in two years is $2,372 for a simple loan at 4 percent interest, what is the loan amount (in $)? Round your answer to at least 2 decimal places.
Homework Answers
Amount Due = Principal * [1 + (Rate * Time Period)]
$2,372 = Principal * [1 + (0.04 * 2)]
$2,372 = Principal * 1.08
Principal = $2,372 / 1.08 = $2,196.30
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15.)If the amount payable in two years is $2,372 for a simple
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