You obtain a loan of $3,000 based on simple interest with an annual interest rate of 12 percent,or 1 percent a month.If the first payment is $300,how much is the principal portion of the payment?
(a)$27
(b)$270
(c)$280
(d)$295

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The Answer of You obtain a loan of $3,000 based on simple interest with an annual interest rate of 12 percent,or 1 percent a month.If the first payment is $300,how much is the principal portion of the payment?
(a)$27
(b)$270
(c)$280
(d)$295

You Obtain a Loan of $3,000 Based on Simple Interest