A bank deposit paying simple interest at the rate of 6%/year grew to $1300 in 8 months. Find the principal. (Round your answer to the nearest cent.)

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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A bank deposit paying simple interest at the rate of 6%/year grew to $1300 in 8 months. Find the principal. (Round your answer to the nearest cent.)
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