19. If the 3% interest accrued on a loan was 210 what was the loan amount?

## Step 1: Convert Percentage to Decimal### Convert the interest rate from percentage to decimal by dividing by 100. ## Step 2: Set up the Interest Formula### The formula for simple interest is , where is the interest, is the principal (loan amount), is the interest rate, and is the time. We are given 210 r = 0.03 t=1 P P 210 = P \cdot 0.03 \cdot 1 210 = 0.03P P = \frac{210}{0.03} P = 7000$