Question

1) Find P
P = ?
R = 10%
T = 16 mo
Interest = $1047.20

Answer 1

if you are doing simple interest
I = P*R*T

Answer 2

I have to find P

Answer 3

1047.2 = P * .10*16/12 ( 16/12 because interest is usually stated per year)

Answer 4

I know that. I just wanted to know how to do it. -___-

Answer 5

i basically finished it, now you just have to solve for P

Answer 6

does that make sense the equation i gave you ?

Answer 7

P = 1047.2/ ( .10 * 16/12 )

Answer 8

P = 7854