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what is principal when interest is $10, interest rate is 8%, and time if 2 years?
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Simple interest, right ? just use I = P*N*R/100 where I =10, N=2,R=8 find P from here
how do I get the principal, what is the formula?
I = P*N*R/100 P = Principal, which u need to find I= interest = 10 N= number of years = 2 R=rate f interest =8
is it principal divided by rate x time?
so, 10 = P*2*8/100 can u find P from here ?
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so is it $10 divided by .16 or $10 divided by 2.16, I'm still confused , sorry
P = 10*100/(2*8) =...
ok so P equals $62.50 right?
yep, correct :)
ok, thx
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welcome ^_^
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