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Indicate what quantity your variable represents

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1. The balance on a 5-year loan is $4,640. If the simple interest rate is 9% per year, what was the principal borrowed?

a. Write equation that can be used to solve this problem and indicate what quantity your variable represents.

b. Solve the equation.

c. Answer the question.

2. The balance on a 3-year loan is $5,941. If the principal borrowed was $5,200, what was the simple interest rate (as a percent)?

a. Write equation that can be used to solve this problem and indicate what quantity your variable represents.

b. Solve the equation.

c. Answer the question.

Reference no: EM131889661

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