Quiz Section 71 73 Quiz Submit C This Question 1 pt 20114 0

Quiz: Section 7.1 7.3 Quiz Submit C This Question: 1 pt 20114 (0 complete) This Quiz: 20 pts poss Jay Jenkins takes out a 120% simple interest kan today that will be repaid 9 mont s tom now with apayof amount odsooo oo what amour tislay borrowing? The amount that Jay is borrowing is (Round to the nearest cent as needed) Enter your answer in the answer box p? Go 10

Solution

r = 12% = 0.12
Time = 9 mths = 9/12 = 0.75 yr
A = 3000

P = x

We have :
A = P + I
I = 3000 - x

So, we have :
I = PRT

3000 - x = x(0.12)(0.75)

3000 - x = 0.09x

1.09x = 3000

x = 2752.29 dollars