Answer:
The principal he borrowed is $1500
Step-by-step explanation:
Let's assume principal he borrowed as P
now, we can use formula
[tex]SI=\frac{P\times r\times t}{100}[/tex]
where
SI is simple interest
r is interest rate
t is time in years
we are given
r=4%
SI=240
t=4
now, we can plug this value
[tex]240=\frac{P\times 4\times 4}{100}[/tex]
now, we can solve for P
[tex]16P=24000[/tex]
[tex]P=1500[/tex]
So,
The principal he borrowed is $1500
