Respuesta :

altavistard

The pertinent formula is i = p*r*t.  Here, i = $6,300, r = 0.07 and t = 5 yrs.

We want to solve this for the principal, p.  Since i = p*r*t,  p = i / (rt).  In this case, the principal was:

p = $6,300 / [0.07*5] = $6,300 / 0.35 = $18,000

varshamittal029

The original loan amount was $18000

What is formula of simple interest ?

Let, P be the principal, rate = R% per annum and time be T.

Then, Simple interest (I) = (P×R×T)/100

From here, we can write that,

P = (I×100)/(R×T)

What is the required amount ?

Given that, Emraine's fathers final interest (I) = $6300

He completely repay the money in 60 month = 60/12 years = 5 years

So, T = 5 years

Here, Rate of interest (R) = 7% per annum

So, P = (I×100)/(R×T)

⇒ P = (6300×100)/(7×5)

⇒ P = (900×20)

⇒ P = 18000

So, Principal = $18000

Therefore, Original loan amount is $18000

Learn more about simple interest here :

https://brainly.com/question/1173061

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