A loan of P is taken out at a simple interest rate of r = 10.4%.Two months later a loan payment of $500 is made.Of this payment,$198.66 went to actually paying off the loan while $301.34 went towards interest on the loan.What is the value of P? (Answer to nearest dollar)
A)$2898
B)$3096
C)$11,461
D)$17,385

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The Answer of A loan of P is taken out at a simple interest rate of r = 10.4%.Two months later a loan payment of $500 is made.Of this payment,$198.66 went to actually paying off the loan while $301.34 went towards interest on the loan.What is the value of P? (Answer to nearest dollar)
A)$2898
B)$3096
C)$11,461
D)$17,385

A Loan of P Is Taken Out at a Simple