Question

victor borrowed money at 5.25 percent simple annual interest. at the end of the year, the interest on the loan is $255.94. what was the amount of the loan?

$13.44
$134.37
$1,343.69
$4,875.05

Explanation:

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<reasoning>

Identify the given values

Using the Simple Interest Formula knowledge point

• Interest \(I = \$255.94\)
• Rate \(r = 5.25\% = 0.0525\)
• Time \(t = 1\) year

Set up the equation

Using the Simple Interest Formula knowledge point
\[
I = P \cdot r \cdot t
\]
\[
255.94 = P \cdot 0.0525 \cdot 1
\]

Solve for the principal

Using the Simple Interest Formula knowledge point
\[
P = \frac{255.94}{0.0525}
\]
\[
P \approx 4875.0476
\]
\[
P \approx \$4,875.05
\]
</reasoning>

<answer>
<mcq-option>(A) $13.44</mcq-option>
<mcq-option>(B) $134.37</mcq-option>
<mcq-option>(C) $1,343.69</mcq-option>
<mcq-correct>(D) $4,875.05</mcq-correct>
</answer>

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Answer:

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<reasoning>

Identify the given values

Using the Simple Interest Formula knowledge point

• Interest \(I = \$255.94\)
• Rate \(r = 5.25\% = 0.0525\)
• Time \(t = 1\) year

Set up the equation

Using the Simple Interest Formula knowledge point
\[
I = P \cdot r \cdot t
\]
\[
255.94 = P \cdot 0.0525 \cdot 1
\]

Solve for the principal

Using the Simple Interest Formula knowledge point
\[
P = \frac{255.94}{0.0525}
\]
\[
P \approx 4875.0476
\]
\[
P \approx \$4,875.05
\]
</reasoning>

<answer>
<mcq-option>(A) $13.44</mcq-option>
<mcq-option>(B) $134.37</mcq-option>
<mcq-option>(C) $1,343.69</mcq-option>
<mcq-correct>(D) $4,875.05</mcq-correct>
</answer>

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