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

A Loan of P Is Taken Out at a Simple