To find out how much you originally borrowed, we can use the formula for simple interest:

$A = P(1 + rt)$

Where:

• $A$ is the total amount paid (principal + interest),
• $P$ is the principal (original loan amount),
• $r$ is the annual interest rate (as a decimal),
• $t$ is the time in years.

Given:

• Total payment $A = 70,360$,
• Interest rate $r = 7.5\% = 0.075$,
• Time $t = 3$ years.

We need to solve for $P$, the original loan amount. Rearrange the formula to solve for $P$:

$P = \frac{A}{1 + rt}$

Substitute the known values into the equation:

$P = \frac{70,360}{1 + (0.075 \times 3)}$

Simplify the equation:

$P = \frac{70,360}{1 + 0.225} = \frac{70,360}{1.225}$

Now, divide:

$P = 57,439.18$

So, the original amount borrowed was approximately $57,439.18.

Would you like more details or have any questions? Here are some related questions to consider:

1. What would be the total payment if the interest rate was compounded annually?
2. How would the total payment change if the loan was for 5 years instead of 3?
3. How do you calculate monthly payments for a loan with simple interest?
4. What is the difference between simple interest and compound interest in terms of overall cost?
5. How can you reduce the total interest paid on a loan?

Tip: Always double-check loan terms for simple vs. compound interest, as the total cost can vary significantly.