TMI Systems, a company that customizes software for construction cost estimates, repaid a loan obtained 3 years ago at 7% per year simple interest. If the amount that TMI repaid was $120,000, calculate the principal of the loan.
What will be an ideal response?
F = P + Pni
120,000 = P + P(3)(0.07)
1.21P = 120,000
P = $99,173.55
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