find borrowed amt for 1 yr at 6.5% if payoff amt is $2715.75

[meredithann03]

im having trouble figuring out how to go about solving the following problem--[im looking for how much money was originally borrowed]
rate: 6.5%
time: 1yr
&
pays off the loan=> $2715.75

please email me @: [deleted for security] with your response if you can help with the formula.

thanks,
meredith

 

[Denis]

Re: I need help with filling in the following formula:

There ain't no email service at this noble esablishment, hear?!

Add 6.5% of an amount to the amount to get 2715.75; a + .065a = 2715.75 .... kapish?

 

[stapel]

im having trouble figuring out how to go about solving the following problem

Use the "simple interest" formula they gave you (namely, I = Prt), and note that the value they gave you is the sum of the interest and the principal, so 2715.75 = P + Prt.

Plug the values they gave you (for the rate, as a decimal, of course; and for the time) into the above formulation, and solve the resulting linear equation for the value of P.

If you get stuck, please reply showing how far you have gotten. Thank you!