Stephanie took out a loan for 5 months and was charged a simple interest at an annual rate of 4.8%. The total interest she paid on the loan was $170 How much money did Stephanie borrow?

T=5 months=5/12

A=4.8%= 4.8/100=0.048 (in decemial form)

P= unknown amount borrowed

I=$170

Solution: Intrest=pta

170=P x 5 x 4.8	P= 170x1x20	P= $8500
12 100	0.4

P=$8500