Question

​State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)
Ms. Sue
I = PRT

934.2 = P * 0.12 * 1

934.2 = 0.12P

934.2/0.12 = P

7,785 = P

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