Matty Kaminsky owns a new Volvo. His June monthly interest was $400. The rate is 8 ½ percent. Matty's principal balance at the beginning of June is: (Use 360 days

Question

shane_b · Answer

This looks like the same type of problem as before:$$I=Prt$$$$$400=P(0.085*(30/360))$$

shane_b · Answer

Is this a multiple choice problem?  I'd like to ensure my answer is on the list.

anonymous · Answer

noo

shane_b · Answer

Ok...well I'm getting a principal amount of $56,470.59...which sounds about right.

anonymous · Answer

im looking in the text though and it does appear to be correct. Im figuring out the answer now

anonymous · Answer

yes rounded off I me up with that too. lol I'm ensuring my ansewers here

shane_b · Answer

banks always round in their favor :)