Jayvion took out a simple interest loan to pay for some new furniture. If the loan was for 5 years at 12% and he paid $960 interest, how much money did he borrow?

$544.73

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

Brackets Parenthesis Exponents Multiplication Division Addition Subtraction Left to Right

Algebra I

Simple Interest Rate Formula:

A is final amountP is principle amountr is ratet is time

Step-by-step explanation:

Step 1: Define

A = 960

r = 0.12

t = 5

Step 2: Solve for P

Substitute in variables [Simple Interest Rate Formula]:                                [Interest] (Parenthesis) Add:                                                                            [Interest] Evaluate exponents:                                                                        [Interest] [Division Property of Equality] Isolate P:                                        [Interest] Rewrite:                                                                                            

Ithink you're supposed to multiply 12.50 which is how much he makes per hour and then multiply it by each number then add whats left togrther and there's your answer