Chapter 10.II, Problem 14RE

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

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

# Compute the principal for the following loans. Use ordinary interest when time is stated in days.Principal Rate (%) Time Interest___________________________________________________________$295,500 ____ 14 months$39,800

To determine

To calculate: The rate of interest where principal invested is $295,500, time period is 14 months and interest amount is$39,800 and round the answer to nearest tenth of a percent.

Explanation

Given Information:

Principal invested is $295,500, time period is 14 months and amount of interest is$39,800.

Formula used:

The formula to compute the principal amount is,

R=IPT

Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time period.

Calculation:

Consider that interest amount is $39,800, principal invested is$295,500, time period is 14 months

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