Answer:
the amount of the loan is $2,010.13
Explanation:
The computation of the amount of the loan is shown below:
As we know that
Simple interest = Principal × rate × time period
$321.62 = Principal × 2% × 8
$321.62 = Principal × 16%
SO, the principal is
= $321.62 ÷ 16%
= $2,010.13
Hence, the amount of the loan is $2,010.13
The above formula should be applied for the same
