Question

what is principal when interest is $10, interest rate is 8%, and time if 2 years?

Answer 1

Simple interest, right ?
just use
I = P*N*R/100
where I =10, N=2,R=8
find P from here

Answer 2

how do I get the principal, what is the formula?

Answer 3

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

Answer 4

is it principal divided by rate x time?

Answer 5

so, 10 = P*2*8/100
can u find P from here ?

Answer 6

so is it $10 divided by .16 or $10 divided by 2.16, I'm still confused , sorry

Answer 7

P = 10*100/(2*8) =...

Answer 8

ok so P equals $62.50 right?

Answer 9

yep, correct :)

Answer 10

ok, thx

Answer 11

welcome ^_^