   Chapter 10, Problem 11AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Compute the principal for the following loans. Round answers to the nearest cent.________ 7 2 years $2,800 To determine To calculate: The amount of principal invested where rate of interest is 7%, time period is 2 years and interest amount is$2,800.

Explanation

Given Information:

Rate of interest is 7%, time period is 2 years and interest amount is $2,800. Formula used: The formula to compute the principal amount is, P=IRT Where, P is the principal amount, I is the amount of interest, R is the rate of interest, T is the time period. Calculation: Consider that rate of interest is 7%, time period is 2 years and interest amount is$2,800

Simplify the rate of interest as,

7%=7100=0.07

Substitute \$2,800 for amount of interest, 0

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