I'm really confused and this is urgent i dont know how to find the principal, the rate, the time, the interest, or the balace....plz help

Question

precal · Answer

need to post a problem? Do you have one?

precal · Answer

ok post a problem.  Use the draw if you need to. I need a problem or are you just talking in general?

anonymous · Answer

well, mostly in general but, i need to find the principal and balance....rate:7% time: 2 year interest:14$

precal · Answer

I=PRT
14=P(.07)(2)
14 is the interest you made
7% must be written in a decimal (.07)
T is the time (usually years but not always)
14=.14P
100=P
100 dollars were invested for 2 years at 7% and earned 14 dollars.

precal · Answer

Anytime, if you have any other questions.  Post them individually.  People will come help you.

anonymous · Answer

you are really helpful i just dont know how u got the p

precal · Answer

14=.14P
divide both sides by .14

anonymous · Answer

o thx soo much

anonymous · Answer

how do u find the balance wen doing interest

precal · Answer

Balance not sure how that is defined.
Usually you only deal with I, P, R, T
Interest, Principal, rate and time

anonymous · Answer

ok rite thx srry rong problem

anonymous · Answer

Principle is the amount initially put into the account or loan that has the interest. 
Interest is the % of the principle that is charged (or put in, depending)
Rate is how often the interest is accrued
Time is the time span you're looking at, how many times the interest has been accounted for. Like a rate of 6 months, and you're calculating for 2 years, the time would be 4. 
(I may be a bit off on my explanation of time, it's been a while since I've done compound interest)