Activity Nancy is the proud owner of a new car. She paid $1,500 up front and took out a loan for the rest of the amount. The interest rate on the loan is
5%. If the total cost of buying the car (including the interest Nancy owes) is more than $16,213.02, how much money did Nancy borrow?
Complete the steps below to solve the problem.
Part A
Assume that x represents the amount of money Nancy borrowed. Write an expression that represents the amount borrowed (the principal) plus
the interest owed on that amount.