Heather took out a loan for 7 months and was charged simple interest at an annual rate of 7.2%. The total interest she paid on the loan was $231. How much money did Heather borrow? Do not round any intermediate computations. If necessary, refer to the list of financial formulas. $] X 5 ?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Heather took out a loan for 7 months and was charged simple interest at an annual rate of 7.2%.
The total interest she paid on the loan was $231.
How much money did Heather borrow?
Do not round any intermediate computations. If necessary, refer to the list of financial formulas.
X
5 ?
Transcribed Image Text:Heather took out a loan for 7 months and was charged simple interest at an annual rate of 7.2%. The total interest she paid on the loan was $231. How much money did Heather borrow? Do not round any intermediate computations. If necessary, refer to the list of financial formulas. X 5 ?
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