Answer:
$3700
Step-by-step explanation:
To find how much Mia borrowed, we simply need to use the Simple Interest formula:
I = (P * R * T) / 100
Where I = interest
P = principal or amount borrowed
R = rate of interest
T = time taken (in years)
Mia agrees to borrow a 3-year loan with 4% simple interest and she will pay a total of $444 in interest. Therefore:
444 = (P * 4 * 3) / 100
444 = 12P / 100
444 * 100 = 12P
=> P = (444 * 100) / 12
P = $3700
Therefore, she initially borrowed $3700 .
