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MATH SOLVE
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Interest rate 6.5%, time 18 months, simple interest $828.75 what is the principal
10 months ago
Q:
interest rate 6.5%, time 18 months, simple interest $828.75 what is the principal
Accepted Solution
A:
Use the formula for simple interest:
i = p*r*t
Then i = ($828.75)(0.065)(1.5)
= $80.80
6.5% must be converted to a decimal fraction: 0.065, and 18 months to years, specifically 1.5 years.