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Mathematics 12 Online
OpenStudy (anonymous):

Ron Tagney owns his own truck. His June interest is $210. The current rate of interest is 11%. Assuming a 360 day year, what was Ron's principal balance at the beginning of June. (Round to nearest cent)

OpenStudy (kropot72):

Monthly interest is 11/12% of principal = $210. Therefore principal at beginning of June is: $210/(11/12) x 100 = $22,909.09

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