Interest problem, urgent help

[thhobitt]

Here's the question:

A family paid 18000 kr one year for the interest on their loan. The interest rate was 6%. How big was their loan?

Thank you

 

[stapel]

A family paid 18000 kr one year for the interest on their loan. The interest rate was 6%. How big was their loan?

What are the terms of the loan? What formula(s) or algorithm(s) did your class give you for this sort of exercise? How far have you gotten in applying that information? Where are you stuck?

Please be complete. Thank you!

 

[Quaid]

If this loan accrues simple interest, then the question is the same as: 18000 is 6% of what amount?

If the interest is compounded, then you need to know how often and a formula.

What have you thought about or tried so far?