Question

Andy took out a 5 year loan at 12% interest rate to pay for a trip to Spain. If he ended up paying $4937.50 in interest, how much was the trip?

Answer 1

Answer:

Trip cost $8229.17

Step-by-step explanation:

I = PRT       I = 4937.50      R = .12     T = 5    P = amt for the trip

4937.5 = .12(5)P

4937.5 = .6P

P = 4937.5/.6 = $8229.17