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Elsa took out a 2-year loan to buy a car at a 6% simple interest rate. If she has to pay $264 in interest, how much principal did she borrow?

Respuesta :

The Simple Interest formula is I = Prt
I = ?
P = $264
r = 6% or 0.06 
t = 2 years 

I = 264(0.06)(2)
I = $31.68

Elsa borrowed $31.68 principal.

Answer:

$2183.333333333333333333333333333333333333333

Step-by-step explanation:

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