The required amount that was borrowed is 7000.
Given that,
Borrowed money for 4 years at 9%.
The total interest paid was 2520.
To determine how much money was borrowed.
Simple interest is defined as the percentage of earnings on the lending for a period of time
Here,
interest = [principal * rate * time ] / 100
2520 = [principal * 9* 4] / 100
Principal = 2520 * 100 / 9*4
Principal = 7000
So, the principal amount or initial amount is $7000.
Thus, the required amount that was borrowed is 7000.
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