Answered

Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Connect with a community of experts ready to help you find accurate solutions to your questions quickly and efficiently. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Solve for the missing item in the following. (Do not round intermediate calculations. Round your answer to the nearest cent.)

Principle: ?
Interest Rate: 7%
Time: 1 1/2 years
Simple Interest: $200

Sagot :

sqdancefan

9514 1404 393

Answer:

  $1904.76

Step-by-step explanation:

The interest formula is ...

  I = Prt . . . . interest on principal P at rate r for t years

Solving for P, we find ...

  P = I/(rt) = 200/(0.07·1.5) = 200/0.105 ≈ 1904.76

The principal amount was $1904.76.

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.