Question
Suppose that you took out a loan at 7% interest for 192 days. If the amount of interest was $149.33, use the ordinary interest method to find the amount of principal you borrowed. Round to the nearest whole dollar amount.
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Answers
Ms. Sue
I = PRT
149.33 = P * 0.07 * 0.5260
149.33 = 0.0368P
149.33 / 0.0368 = P
4057.88 = 4058 = P
149.33 = P * 0.07 * 0.5260
149.33 = 0.0368P
149.33 / 0.0368 = P
4057.88 = 4058 = P