Question: Compute the specified quantity. Your total payment on a 8 year loan, which charged 7 % annual simple interest, amounted to $ 4 0 ,

Compute the specified quantity.
Your total payment on a 8 year loan, which charged 7% annual simple interest, amounted to $40,860. How much did you originally borrow (in dollars)?(Round your answer to the nearest cent.)
$

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