Answer:
The principal he borrowed is $1500
Step-by-step explanation:
Let's assume principal he borrowed as P
now, we can use formula
where
SI is simple interest
r is interest rate
t is time in years
we are given
r=4%
SI=240
t=4
now, we can plug this value
now, we can solve for P
So,
The principal he borrowed is $1500. Hope this helps, and mark me as brainlest!
