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Hayley makes annual end-of-year payments of $6,260.96 on a five-year loan with an 8 percent interest rate. the original principal amount was

Respuesta :

The original principal amount is $15,652.40.

What is simple interest?

Simple interest rate is the interest that is paid only on the principal portion of a loan. This means that the debtor does not pays interest on the interest rate already accrued.

What is the original principal amount?

Principal = interest paid / (interest rate x time)

Principal = $6,260.96 / (0.08 x 5) = $15,652.40

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