Math Problem Statement
Compute the specified quantity. Your total payment on a 7 year loan, which charged 8.5% annual simple interest, amounted to $60,360. How much did you originally borrow (in dollars)? (Round your answer to the nearest cent.)
Solution
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Math Problem Analysis
Mathematical Concepts
Simple Interest
Algebra
Formulas
A = P(1 + rt)
Theorems

Suitable Grade Level
Grades 912
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