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Need help ASAP. A woman obtained a 2-year loan to cover the costs of a vacation. She was surprised to find that the simple annual interest rate of 8.5% meant that she would be paying $425 in interest. What was the original amount of her loan?

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sqdancefan

Answer:

  $2500

Step-by-step explanation:

The formula for the interest is ...

  I = Prt

Filling in the given values, I = 425, r = 0.085, t = 2, we find the principal (P) to be ...

  425 = P(0.085·2)

  425/0.17 = P = 2500 . . . . divide by the coefficient of P

The original amount of the loan was $2500.

SillyGeese

Answer:

2500

Step-by-step explanation:

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