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Jasmine paid $29,205 in simple interest at a 16.5 percent rate over 7.5 years. What was the total principal?
Update:
And, how do I get to this answer, please.
2 Answers
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- SqdancefanLv 76 years ago
If P is the principal, n is the number of years, and r is the interest rate, you have
.. interest paid = P*r*n
.. 29205 = P*0.165*7.5 ... substitute given numbers
.. 29205/(.165*7.5) = P = 23600 ... divide by the coefficient of P
The principal amount was $23,600.
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