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The total interest on a discounted loan is $40. If Bob received $480 into his bank account on drawdown, what is P0, the loan principal? Give your answer in dollars to the nearest dollar. Do not include the dollar symbol or commas in your answer.

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Answer:

440

Step-by-step explanation:

Principal+ Interest= Total amount received

Total amount= $480

Interest= $40

Principal=$480-$40=$440

Therefore, principal=440

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